Jiangsu Boamax Technologies Group (002514.SZ) plans to establish a joint venture company to meet the needs of the company's strategic development.

Jiangsu Boamax Technologies Group (002514.SZ) announced that, in accordance with the needs of the company's strategic development, the company plans to sign a "Equity Investment Agreement" with Pujiang County Guo Yin Ye Xin Equity Investment Partnership Enterprise (Limited Partnership) and Mr. Fu Zhiwei, to jointly invest in establishing a joint venture company (the name of the joint venture company will be subject to the final approval of the market supervision and management department) (hereinafter referred to as the "JV Company"). The registered capital of the JV Company is proposed to be 320 million RMB, with the company contributing 134.4 million RMB in cash, accounting for 42% of the registered capital of the joint venture company, with the funds mainly provided by Mr. Ma Wei, the actual controller of the company, through interest-free loans. In order to achieve efficient governance and centralized decision-making of the JV Company, Mr. Fu Zhiwei has agreed to entrust Jiangsu Boamax Technologies Group with the voting rights corresponding to the shares he holds in the JV Company and the other shareholder rights corresponding to those shares. Additionally, Mr. Fu Zhiwei has entrusted Jiangsu Boamax Technologies Group with the voting rights and other related rights enjoyed by his nominated director in the board of directors. The JV Company will become a subsidiary of Jiangsu Boamax Technologies Group.