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Sifangda: 20 million investment to establish a wholly-owned subsidiary in Kaifeng
The 16th meeting of the second board of directors of Henan Sifangda Superhard Materials Co., Ltd. (hereinafter referred to as “the Companyâ€) was held in person on the fourth floor of the company’s headquarters on October 8, 2013, at 9:00 a.m. The meeting was chaired by Mr. Fang Haijiang, the Chairman of the Board. During the session, all attending directors thoroughly reviewed the agenda items and voted on the proposal to establish a wholly-owned subsidiary. The resolution passed was as follows: the board approved the Company's decision to invest 20 million RMB from its own funds to set up a new wholly-owned subsidiary. Below is a detailed description of the establishment:
**I. Overview of the Establishment of the Wholly-Owned Subsidiary**
1. **Company Name**: Kaifeng Sifangda Superhard Materials Co., Ltd.
2. **Registered Capital**: 20 million RMB
3. **Business Scope**: Research, development, production, and sales of superhard materials, tools, equipment, and accessories; industrial investment, technical consulting services, and import and export of goods and technology. *(Note: The above details are subject to final registration approval.)*
**II. Purpose of the Investment and Its Impact on the Company**
1. **Purpose of Establishing the Subsidiary**
With the ongoing progress of the "Zhengyu Integration" initiative, Kaifeng and Zhengzhou have gradually transformed into a unified urban area, promoting resource sharing and economic collaboration. Major enterprises such as Xinda New Materials, Chery Automobile, and Pingmei Group have increasingly invested in Kaifeng, significantly boosting the city’s modern industrial development. In response, the Company aims to establish a subsidiary in Kaifeng to strategically integrate industry chain resources, further driving business expansion, optimizing resource allocation, enhancing profitability, and delivering greater value to shareholders.
2. **Impact on the Company**
The investment of 20 million RMB represents approximately 2.97% of the Company’s latest audited net assets. As the subsidiary will be 100% owned by the Company, this capital contribution is not expected to have a material impact on the Company’s financial position or operating results. This move reflects the Company’s long-term strategy to strengthen its market presence and support sustainable growth.