Yu Diamond announced on the evening of November 15 that the company and Luoyang Huake Superhard Materials Co., Ltd. have negotiated and established a holding subsidiary to engage in research and development, production and sales of resin diamond cutting lines. The registered capital of the joint venture company is 50 million yuan; the scope of business: research and development, production and sales of resin diamond cutting line (subject to the business scope approved by the registration authority). The company's capital contribution is RMB 45 million, which is funded by cash, accounting for 90% of the registered capital; Luoyang Huake's capital contribution is RMB 5 million, which is funded in cash, accounting for 10% of the registered capital. The company has established a wholly-owned subsidiary, Huajing Precision Manufacturing Co., Ltd., which is engaged in the research and development, production and sales of electroplated diamond cutting lines. The investment in setting up a holding subsidiary to engage in the development of the resin diamond cutting line market is conducive to enriching the company's product structure, enhancing the company's R&D and market competitiveness in the field of resin diamond cutting lines, enhancing the company's comprehensive competitive advantage and improving the company's profitability. .
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