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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 company") 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 board officially approved the initiative, deciding that the company would invest RMB 20 million from its own funds to set up a new subsidiary. Below are the details regarding the establishment of this subsidiary:
**I. Overview of the Wholly-Owned Subsidiary**
1. **Company Name**: Kaifeng Sifangda Superhard Materials Co., Ltd.
2. **Registered Capital**: RMB 20 million
3. **Business Scope**: Research, development, production, and sales of superhard materials and tools, related equipment and accessories, industrial investment, technical consulting services, and import and export of goods and technology. (Note: Final registration details may vary.)
**II. Purpose of the Investment and Its Impact on the Company**
1. **Purpose of Establishing the Subsidiary**
As the integration of Zhengzhou and Kaifeng progresses, the two cities are gradually transforming into one integrated region, 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 industrial development. In line with this trend, the company aims to establish a subsidiary in Kaifeng to strategically enhance the integration of industry resources, support business expansion, optimize resource allocation, and ultimately increase profitability for shareholders.
2. **Impact on the Company**
The investment of RMB 20 million represents approximately 2.97% of the company’s latest audited net assets. Since the subsidiary will be fully owned by the company, the financial impact on the company’s overall status and operating results is considered minimal. This move is expected to provide long-term strategic benefits and strengthen the company’s market position.