New Focus Auto Tech Holdings (HK:0360) has released an update.
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New Focus Auto Tech Holdings has announced the establishment of two non wholly-owned subsidiaries, one in Shenzhen and another proposed in Shanghai, broadening its corporate footprint in China’s major cities. The Shenzhen subsidiary is formed in collaboration with the company’s chairman, Mr. Tong, and Shenzhen Keshang, while the Shanghai venture includes additional partnership with Tianjin Yun Qi Tian. These strategic expansions, which involve significant capital contributions from the involved parties, are subject to certain reporting and announcement requirements but are exempt from the need for independent shareholders’ approval.
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