New Focus (00360) announced that on September 25, 2023, the company's board of directors approved the company's indirect wholly-owned subsidiary New Fox (Beijing), Broadcom and Shanghai to re-establish a new company, Jinyi, with a registered capital of RMB 100 million, of which NewFox (Beijing) will invest RMB 60 million. After the establishment of Jinyi, it will become a subsidiary company with 60% of the company's indirect interests. Jinyi will be mainly engaged in integrated hydrogen energy solutions and commercial operations.
On September 25, 2023, the company's board of directors approved New Fox (Beijing) and Newtech, a direct wholly-owned subsidiary of the company, and Mianyang New Investment to enter into a partnership agreement to establish a limited partnership. According to the partnership agreement, the total capital commitment of the limited partnership is RMB 291 million, of which Newforks (Beijing) (as a limited partner) and Newtech (as a general partner) will each invest RMB 145 million and RMB 1 million, while Mianyang New Investment (as a limited partner) will invest RMB 145 million. After the establishment of a limited partnership, the limited partnership will become a subsidiary company where the company indirectly owns 50.17% of the interests.