Summary by Moomoo AI
Lenshi Electric Motor Vehicle New Material Holding Co., Ltd. (“New Materials for Electric Vehicles”) announced on 10 January 2024 that its indirect wholly-owned subsidiaries Lenshi (Shandong) New Energy Technology Co., Ltd., and Qingdao Leader New Building Materials Technology Co., Ltd., have signed a lease for a factory in Laishi City, Shandong Province, China Agreements. The lease agreement is for a period of 10 years, including an initial lease of 5 years and an automatic extension of subsequent leases of 5 years. The total building area is approximately 35,470.15 square meters for the manufacture of high-purity natural graphite negative polar materials. The total rental amount is RMB58,871,806.82, which is equivalent to approximately HK$65,936,423.64. Pursuant to Section 14.07 of the Listing Rules, this transaction is treated as an asset acquisition and is subject to the reporting and notification requirements. The move is part of expanding its production capacity and advancing the development of the graphite materials sector and is in the overall interest of the company and its shareholders, according to the company's new materials.