SCGS: New Energy Green Hydrogen plans to invest in the establishment of a wholly-owned subsidiary Xuzhou Fenggong
SCGS announced that its holding subsidiary, Sichuan New Industry Green Hydrogen Technology Co., Ltd., plans to increase its capital and introduce the Fengxian Future Industry Investment Fund, and establish a wholly-owned subsidiary, Xuzhou Fenggong Equipment Technology Co., Ltd., in Xuzhou, Jiangsu, with a registered capital of 10 million yuan. This move aims to improve business layout, enhance overall competitiveness, and strengthen production delivery and product implementation capabilities
According to the announcement from Sichuan Jinding (600678.SH), its subsidiary Sichuan XG Green Hydrogen Technology Co., Ltd. (referred to as "XG Green Hydrogen") plans to implement a capital increase and introduce investors based on strategic planning and business development needs. It intends to establish Xuzhou Fenggong Equipment Technology Co., Ltd. (referred to as "Xuzhou Fenggong") in Xuzhou, Jiangsu Province, further improving its business layout and enhancing comprehensive competitiveness. Xuzhou Fenggong will have a registered capital of 10 million yuan, with XG Green Hydrogen holding 100% of the shares.
This investment by the subsidiary to establish a wholly-owned subsidiary is based on the strategic planning and business development needs of XG Green Hydrogen. It aims to implement a capital increase and introduce investors from Fengxian Future Industry Investment Fund Partnership (Limited Partnership), and plans to invest in the establishment of Xuzhou Fenggong in Xuzhou, Jiangsu Province, further improving its business layout, which is beneficial for XG Green Hydrogen's production and delivery capabilities as well as product implementation capabilities, thereby further enhancing the market competitiveness of XG Green Hydrogen
