Xingye Leather Technology (002674.SZ) intends to acquire 100% equity of Fuyuan Technology and increase its capital by 50 million yuan to enhance its supply capacity in Vietnam region.

Xingye Leather Technology (002674.SZ) announced that its wholly-owned subsidiary, Xingye Investment International Limited (registered in Hong Kong and referred to as "Xingye Investment International"), plans to acquire 100% equity of Fuyuan Technology Co., Ltd. (registered in Vietnam and referred to as "Fuyuan Technology") for 1.5 million US dollars and provide a capital injection of 50 million RMB. The capital injection will mainly be used for site renovations, machinery and equipment purchases to establish a leather processing production line, as well as to provide additional working capital for the operation of Fuyuan Technology, ensuring its rapid operation and strengthening the company's supply capabilities in the Vietnam region.