[ET Net News Agency, 11 October 2021] China Conch Venture Holdings Limited (00586) said
its subsidiary Anhui Conch Venture New Energy-saving Building Material Co., Ltd. (Anhui
New Material), and Anhui Gaomu Venture Investment Co., Ltd. (Gaomu Investment) have
jointly set up a joint venture company, namely Anhui Conch Venture New Energy Material
Co., Ltd. (Conch Venture New Energy Material).
The registered capital of Conch Venture New Energy Material amounted to RMB500 million,
of which Anhui New Material contributed RMB400 million and Gaomu Investment contributed
RMB100 million, representing 80% and 20% of its registered capital respectively. Gaomu
Investment is expected to set up investment platform(s) of which the main participants are
the key employees of the group.
The project will be carried out with one-off planning with its construction to be in
phases. It is planned that the first phase of the construction will be consisted of a
lithium ferrous phosphate cathode material project, together with ancillary facilities,
with annual production volume of 50,000 tonnes. (RC)