Zhuzhou Times New Material Technology (600458.SH) plans to increase the capital of its wholly-owned subsidiary in Vietnam by 458 million yuan.

Zhuzhou Times New Material Technology (600458.SH) announced that in order to promote the construction of the wind turbine blade project of its Vietnam subsidiary (referred to as the "Vietnam subsidiary"), build operational capabilities on a larger scale, and enhance the overseas market competitiveness of the Vietnam subsidiary, the company plans to increase its investment in the Vietnam subsidiary with its own funds of 458 million yuan (equivalent to approximately 63.675 million US dollars). After the capital increase, the registered capital of the Vietnam subsidiary will change from 1 million US dollars (equivalent to 7.2 million yuan) to 64.675 million US dollars (equivalent to 4.66 billion yuan), while still remaining a wholly-owned subsidiary of the company.