On August 30, Gaolinghui announced that shanxi huaxiang group (603112.SH) has decided to cancel the capital increase to WHI Casting, a subsidiary, and instead establish a wholly-owned subsidiary to enhance the company's casting after-sales service system and accelerate the established strategic goal of upgrading warehouse capacity.
The company plans to invest $6.75 million in cash to establish a wholly-owned subsidiary in the USA (hereinafter referred to as the "US subsidiary"), which will become a wholly-owned subsidiary of shanxi huaxiang group and be included in the company's consolidated financial statements after its establishment.