Nanjing Public Utilities Development (000421.SZ) plans to invest 40 million yuan to establish a joint venture company to create a recycling industry system for waste materials.

NanJing Public Utilities Development (000421.SZ) announced that the company (referred to as "Party A") intends to sign a "Equity Cooperation Agreement" with Jiangsu Ganfeng Circular Economy Technology Co., Ltd. (referred to as "Ganfeng Circular" or "Party B") and Nanjing Environmental Group Co., Ltd. (referred to as "Environmental Group" or "Party C") to jointly invest in the establishment of NanJing Public Utilities Development Ganfeng Circular Economy Technology Co., Ltd. (provisional name, subject to approval and registration by the industrial and commercial department, hereinafter referred to as the "Joint Venture Company"), in order to fully leverage their respective professional and resource advantages and promote the development of the circular economy industry layout around the comprehensive utilization of power batteries project. The registered capital of the joint venture company is 100 million yuan, with Party A intending to contribute 40 million yuan, accounting for 40% of the registered capital; Party B intending to contribute 40 million yuan, accounting for 40% of the registered capital; Party C intending to contribute 20 million yuan, accounting for 20% of the registered capital. It is reported that the joint venture company will promote the development of the circular economy industry layout around the comprehensive utilization of power batteries project, extending vertically into industries related to the recycling of new energy battery cascades/reuse, waste metal, and waste electrical equipment, through the in-depth development of urban mineral resources, promoting the aggregation and development of related industries, constructing an eco-industrial circle for the recycling of waste materials with Nanjing characteristics, investing in and operating recycling industry facilities for recycled resources, creating a city-wide industrial system for the recycling of waste materials, and promoting the development of the circular economy in our city.