Hangzhou Fortune Gas Cryogenic Group is planning to invest approximately 1 billion yuan in the construction of marine engineering and equipment intelligent manufacturing projects.

Hangzhou Fortune Gas Cryogenic Group (603173.SH) announced that, in order to further extend the application scenarios of cryogenic technology, enhance the value-added of the industrial chain, and build a high-end equipment intelligent manufacturing factory with international competitiveness, the company recently signed an "Investment Agreement" with the People's Government of Qidong City. The company plans to invest in the "Hangzhou Fortune Gas Cryogenic Group Marine Engineering and Equipment Intelligent Manufacturing Project" (referred to as the "Project") in the east port area of the hub-style port pool in the Lvsi Port Economic Development Zone of Qidong. The total investment of the Project is approximately 1 billion yuan (estimated, subject to uncertainty), with a total land and sea area of approximately 505 acres (including approximately 240 acres of industrial land and approximately 265 acres of industrial sea area, with a shoreline of approximately 380 meters. The actual land use of the project is subject to approval by the relevant department). The main products of the project include large marine engineering equipment, large oil and gas modules, and large chemical containers. The project will also include the construction of a heavy-duty wharf to meet the needs of large equipment manufacturing, total assembly, and delivery. The company plans to establish a wholly-owned subsidiary project company (i.e. manufacturing company), a trading company, and a port logistics operation company in the Lvsi Port Economic Development Zone of Qidong, responsible for investment and construction, production operation, and raw material procurement for this Qidong project, respectively. The registered capital of the project company shall not be less than 588 million yuan, responsible for participating in the bidding for industrial land and sea required for the Project, and for the investment and construction and production operation of the Project.