On June 14, Guolong News announced that Mingguan International is a first-level wholly-owned subsidiary of the company, and Vietnam Mingguan is a second-level wholly-owned subsidiary of the company. In order to support the operation and development of Vietnam Mingguan, to enhance its market share of solar cell encapsulation materials and strengthen market competitiveness, the company intends to raise funds through Mingguan International to increase Vietnam Mingguan's capital by USD 36.0581 million (the final capital increase amount is subject to approval by the Jiangxi Province Department of Commerce, Development and Reform Commission, and other departments), and to increase capital to implement the expansion of the annual production capacity of 100 million square meters of photovoltaic component encapsulation materials. After this capital increase, the cumulative investment in Mingguan International and Vietnam Mingguan will increase to HKD or Vietnamese dong equivalent to USD 71.0581 million.
The project plans to build 12 production lines for encapsulation film and grid film for photovoltaic modules, and 2 production lines for backplanes, with a designed annual output of 100 million square meters of encapsulation film and backplanes for photovoltaic modules. The total area of the project site is 54,300 square meters, and the total area of new buildings such as workshops and warehouses is 35,822 square meters.