Huatie Signed a Memorandum of Understanding with Faville Far East Company

China Securities Network News Huatie Announced on the evening of December 28, the wholly-owned subsidiary Beijing Quantongda Technology Development Co., Ltd. and Favillé Far East Co., Ltd. signed a memorandum of understanding in writing in Beijing on the same day, Beijing Quantongda agreed to invest 10 million yuan in Qingdao, Shandong Province, the name of "Huatie Westinghouse Favilley (Qingdao) Transportation Equipment Co., Ltd." Wholly-owned subsidiary, its business scope is to design, produce and sell high-speed trains and intercity trains core components and systems, provide related after-sales service, Spare parts and repair services for related products.

After the registration of the target company, the registered capital will be increased from 10 million yuan to 100 million yuan, Beijing All Access and Favillé Far East will increase the capital according to 51% and 49% of the equity of the target company respectively, and the target company will be changed from a domestic enterprise to a Sino-foreign joint venture.

The announcement said that the signing of the memorandum will help the company or wholly-owned subsidiary to enhance its industry status, further enrich the core key components product line of high-speed rail equipment, help the company or wholly-owned subsidiary to actively expand business opportunities, and have a positive impact on the subsequent operation of the company or wholly-owned subsidiary. (Huang Shu)

This article originated from China Securities Network

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