Suzhou West Deane New Power Electric (603312.SH) plans to establish overseas subsidiaries and affiliates and to build a manufacturing base in Thailand

Suzhou West Deane New Power Electric (603312.SH) announced that, according to the company's overall strategic plan, in order to further improve the company's global strategic layout, accelerate the development of overseas business, and quickly respond to customer demands, the company plans to establish a wholly-owned subsidiary "West Deane New Power (HK) Holding Ltd." in Hong Kong (hereinafter referred to as "Hong Kong subsidiary"), establish a wholly-owned subsidiary "West Deane New Power (HK) International Trading Ltd." in Hong Kong (hereinafter referred to as "Hong Kong subsidiary"), and establish a subsidiary "West Deane New Power (SG) Investment Pte. Ltd." in Singapore (hereinafter referred to as "Singapore subsidiary"). The Hong Kong subsidiary and the Singapore subsidiary will respectively invest 10% and 90% to establish a subsidiary "West Deane New Power (Thailand) Industrial Co., Ltd." (hereinafter referred to as "Thailand subsidiary") in Thailand, ultimately investing in and constructing a production base in Thailand. This external investment plan will use self-raised funds of no more than 200 million RMB (or equivalent in foreign currency), mainly for establishing and operating overseas companies, purchasing land, building facilities, equipment procurement, providing working capital, and other related matters. The actual investment amount will be subject to approval from Chinese and local regulatory authorities.