According to the Zhitong Finance APP, ShangGong Group (600843.SH) announced that the company plans to establish a subsidiary controlled by the company in the Weihai Torch High-tech Industrial Development Zone in partnership with Weihai High-tech Venture Capital Partnership (Limited Partnership) (hereinafter referred to as "Weihai High-tech Venture Capital"). The provisional name of the subsidiary is ShangGong Feiren General Aviation (Weihai) Co., Ltd. (subject to the approval results of the market supervision and management department). The registered capital of this holding subsidiary is 550 million yuan, of which the company plans to invest 300 million yuan from self-raised funds, accounting for 54.55% of the registered capital; Weihai High-tech Venture Capital will invest 250 million yuan, accounting for 45.45% of the registered capital.

The holding subsidiary will achieve resource integration through cooperation with the local government of Weihai High-tech Zone. This project aims to utilize the products and technologies of ICON and German FD, which the company has already acquired, to achieve localized manufacturing and development of the ICON A5 and FD series models.

After completing the acquisition of effective assets from ICON and FD, the company will take a series of integration measures to achieve localized production of the relevant models, thereby reducing manufacturing costs and further expanding market share