Ningbo Baosi Energy Equipment Co Ltd

Jiangxi Baosi Industrial Chain Service Co., a wholly owned subsidiary of Ningbo Baosi Energy Equipment Co., has acquired the state-owned construction land use rights for plot L2-15 in Poyang Industrial Park for 18.4397 million yuan. The total land area is 157,604.54 square meters. The site will be used to build a new production base for refrigerant compressors and heat pumps. The company's board of directors had previously approved a proposal to inject 500 million yuan into the subsidiary and invest in the project.

Baosi Shares announced on the evening of July 24 that it plans to inject 500 million yuan in cash into its wholly-owned subsidiary, Jiangxi Baosi Industrial Chain Services, to build a smart manufacturing factory with an annual capacity of 30,000 refrigerant compressors and heat pumps. The company stated that driven by dual-carbon policies, global energy-saving and carbon-reduction upgrades, and the normalization of extreme weather, the refrigerant compressor and heat pump industry has entered a period of rapid growth. The construction of this new base will break through existing production capacity limits, enhance supply and delivery capabilities, and seize the high-growth dividends of the industry and opportunities for domestic substitution. After the capital increase, the registered capital of the Jiangxi industrial chain subsidiary will rise to 1.3 billion yuan, with Baosi Shares holding 84.62 percent and Ningbo Baosi Industrial Chain Services holding 15.38 percent.