Shida Shinghwa Advanced Material Group (603026.SH) subsidiary plans to invest in the construction of a 230,000 tons/year liquid lithium salt project.

Shida Shinghwa Advanced Material Group (603026.SH) announced that its wholly-owned subsidiary Shenghua New Energy Technology (Dongying) Co., Ltd. plans to invest in the construction of a 230,000 tons/year liquid lithium salt project. The total estimated investment for the project is 1.9 billion yuan, with an investment approval of 1.797 billion yuan and a construction investment of 1.774 billion yuan. The construction site is located at No. 198 Tongxing Road, Kenli District, Dongying City, Shandong Province, and the construction period is set for 24 months. In line with the company's strategic development needs and in response to the demand of the new energy market, the wholly-owned subsidiary will invest in the construction of the 230,000 tons/year liquid lithium salt project, fully utilizing the integrated raw material matching advantages, which demonstrates strong risk resistance and market competitiveness, conducive to the company's profit growth.