Longci Technology: Intends to invest 2.1 billion yuan to build the second phase project of Longci in Vietnam, and achieve localization of supply for rare earth permanent magnet materials.

Longci Technology announced that its wholly-owned subsidiary, Vietnam Longci, intends to invest approximately 210 million yuan in the construction of Phase II project, with the main construction content being the addition of 10,000 tons of wet-pressed ferrite magnet tiles capacity and supporting 25,000 tons of pre-sintered materials capacity. While upgrading the production capacity, it will extend the industry chain upstream to achieve the localization of raw materials for ferrite magnet tiles. The project is scheduled to start construction in September 2025, in two phases with a total construction period of 36 months.