GRESGYING plans to jointly invest with Xi'an Economic and Technological Development Group to establish a joint venture company
GRESGYING announced the establishment of a joint venture company with Xi'an Economic and Technological Development Group, with a registered capital of 250 million yuan. GRESGYING will hold 20% of the shares with an investment of 50 million yuan, while Xi'an Economic and Technological Development Group will hold 80% with an investment of 200 million yuan. The joint venture company will be responsible for the construction and operation of the R&D and manufacturing base project in Xi'an, and specific asset transfer terms will be agreed upon in a separate agreement. Upon project completion, GRESGYING will repurchase according to the agreement
According to the announcement from Green Energy Smart Charging (600212.SH), based on the construction needs of the Xi'an research and production manufacturing base project, the company plans to sign a "Cooperation Agreement" with Xi'an Economic and Technological Development Zone Management Committee, Xi'an Economic Development Group, and Xi'an Economic Development Industry Co., Ltd. (referred to as "Xi'an Economic Development Industry"). The company and Xi'an Economic Development Group will jointly invest to establish a joint venture company with a registered capital of RMB 250 million. The company will contribute RMB 50 million in cash, holding 20% of the shares, while Xi'an Economic Development Group will contribute RMB 200 million in cash, holding 80% of the shares.
The joint venture company will be used to acquire the assets or equity of the Green Energy Smart Charging Xi'an research and production manufacturing base project, which is being constructed by Xi'an Economic Development Industry. The specific terms of the consideration for the acquired assets will be determined by a separate agreement signed between Xi'an Economic Development Industry and the joint venture company. Upon completion of the acquisition, the joint venture company will be responsible for the construction and operation of the project as a new entity. After the project is completed, the company will repurchase according to the agreement
