Sinomag Technology (300835.SZ) plans to invest 210 million yuan to build the second phase project of Longci in Vietnam.

Sinomag Technology (300835.SZ) announced that, in order to improve the company's overseas permanent magnet production capacity layout, its wholly-owned subsidiary Sinomag Technology (Vietnam) Co., Ltd. (referred to as "Vietnam Longci") plans to invest approximately 210 million yuan to construct the second phase project. The main construction content is to add 10,000 tons of permanent magnet ferrite wet-pressed magnetic tile production capacity, and supporting 25,000 tons of pre-sintered material production capacity. At the same time as upgrading the production capacity scale, extending the industrial chain upstream, and achieving the localization supply of permanent magnet ferrite raw materials.