Summary by Moomoo AI
Ford Glass Group Co., Ltd. announced an increase of RMB 15 billion in its wholly-owned subsidiary, Anhui, Ford Photovoltaic Glass Co., Ltd. (Anfu Glass) to meet the long-term development needs of the subsidiary. The capital increase plan was approved by the Board on 29 April 2024 and does not involve associated transactions or significant asset restructuring. After the capital increase, the registered capital of Enfok Glass will be changed to RMB250 billion. Anfu Glass's financial situation shows that as of the end of 2023, its total assets were RMB292.8 billion, total liabilities were RMB229 billion, and net assets were RMB63.75 billion. For the full year 2023, Enfok Glass achieved sales revenue of approximately $128 billion and net profit of approximately $18.3 billion. Upon completion of this acquisition, Enfol Glass will continue as a wholly-owned subsidiary of Ford Glass, and the increase is not expected to have a material impact on the consolidated reporting scope and future financial condition and operations of Ford Glass.