Baolong Technology (603197.SH) subsidiary plans to establish joint venture Wei Fu Baolong Technology Co., Ltd.

Zhtng Cijng APP news, Baolong Technology (603197.SH) announced that, in order to grasp the development trend of fully active suspension system application in the automotive industry, seize the business development opportunities of fully active suspension motor and hydraulic pump technology, and achieve rapid growth and long-term sustainable development of the business, the company's wholly-owned subsidiary Hefei Baolong will jointly invest with Weifu High-Technology's subsidiary Weifu Jinning to establish "Weifu Baolong Technology Co., Ltd." The joint venture company plans to have a registered capital of 400 million yuan, with Hefei Baolong subscribing for 180 million yuan, accounting for 45% of the registered capital; and Weifu Jinning subscribing for 220 million yuan, accounting for 55% of the registered capital.