The details of the proposed subsidiary are as follows:
(1) Company name: Zhejiang Jingrui Electronic Materials Co., Ltd. (tentative name, subject to approval by the industrial and commercial administration authority);
(2) Registered capital: RMB 36 million;
(3) Registered address: Shangyu District, Shaoxing City, Zhejiang Province;
(4) Shareholders and shareholders’ capital contributions: Jingsheng Mechanical and Electrical invested RMB 36 million, accounting for 100% of its registered capital.
(5) Business scope: crystal material processing, manufacturing, sales, import and export business; (subject to approval by the industrial and commercial administration authorities)
(6) Enterprise type: limited liability company.
Jingsheng Electromechanical said that its subsidiary Jingrui Electronics Company will serve as the implementation entity to undertake the construction and operation of this super-raised investment project. The remaining 8.88 million yuan in the plan to use the super-raised funds will be reserved for subsequent investment in the project. The business scope of the subsidiary is: crystal material processing, manufacturing, sales, import and export business, etc.
A researcher at a securities firm said that the sapphire project will gradually contribute to performance in the second half of the year. The company's sapphire crystal growth furnace has been successfully developed, and 35KG and 65KG have reached mass production levels.
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