Hwaway Technology Corporation (001380.SZ) plans to establish two subsidiary companies in Germany to engage in the business of spring products.

Hwaway Technology Corporation (001380.SZ) announced that the company plans to invest in its wholly-owned subsidiary, Huawei Supply Chain (Hainan) Co., Ltd. ("Huawei Hainan"), with its own funds or self-raised funds. Huawei Hainan will then invest a total of not more than 20 million euros in two German subsidiaries, Jinsheng Holding Germany GmbH and Jinsheng Federn Germany GmbH, through Huawei Investment Hong Kong. These two German companies will be engaged in the research and development, production, and sales of spring products in Germany. The funds will be used for purposes including but not limited to purchasing land, equipment, constructing factories, directly acquiring existing assets, and daily operating expenses.