Summary by Moomoo AI
NEW FOCUS AUTOMOTIVE TECHNOLOGY HOLDINGS LIMITED (NEW FOCUS) ANNOUNCED ON 20 MAY 2024 THAT ITS WHOLLY OWNED SUBSIDIARY NEWFOX (BEIJING) HAS SIGNED A JOINT VENTURE AGREEMENT WITH BOTOONG AND SHANGHAI RESHUFFLE TO FORMALLY ESTABLISH A NON-WHOLLY OWNED SUBSIDIARY OF JINYI. The main terms of the joint venture agreement were disclosed earlier in the announcement of 25 September 2023 and updated on the registration status of Kinnyi in the announcement of 6 October 2023. Under the joint venture agreement, Shanghai Reforms will provide hydrogen technical support and new product R&D to Kinnyi, and Kinnyi will primarily purchase hydrogen-related products and solutions offered by Shanghai Reshaping and its designated other entities. New Focus Chairman and Executive Director Jingfei issued the announcement on 20 May 2024.