Summary by Moomoo AI
NEW FOCUS AUTOMOTIVE TECHNOLOGY HOLDINGS LIMITED (NEW FOCUS) ANNOUNCED THAT ITS INDIRECT WHOLLY OWNED SUBSIDIARY NEWFOX (BEIJING) ENTERED INTO A PARTNERSHIP AGREEMENT WITH ORDINARY PARTNERS ON APRIL 3, 2024 TO INVEST RMB5500 MILLION AND $8500 MILLION RESPECTIVELY IN A LIMITED PARTNERSHIP, YIELDING APPROXIMATELY 29.03% AND 44.4%, RESPECTIVELY 87% interest. The main purpose of the investment is to invest indirectly in Yi-Titanium, a company focused on synthetic compositing and ultra-precision coating technologies in the fields of new displays, metaverse and new energy vehicles. Shenzhen Yi Titanium's products are mainly applied to OLED panels, VR devices, automotive displays, etc. In addition, the limited partnership also holds approximately 0.47% interest in Jinlithai, a high-performance paint company listed on the Shenzhen Stock Exchange. NEW FOCUS STATED THAT THIS INVESTMENT DOES NOT CONSTITUTE A PUBLICLY AVAILABLE TRANSACTION AND IS VOLUNTARY IN ORDER TO INFORM SHAREHOLDERS AND POTENTIAL INVESTORS ABOUT THE LATEST BUSINESS DEVELOPMENTS OF THE GROUP.