Gelonghui September 26th 丨New Focus (00360.HK) announced that on September 25, 2023, the 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 the same day, the board of directors approved Newforks (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.
After the establishment of the limited partnership, the limited partnership will invest RMB 50 million as Jinyi's registered capital in accordance with the investment agreement, and provide Jinyi with a convertible loan of up to RMB 235 million under the convertible loan agreement for a period of 8 years with an annual interest rate of 6%. At that time, the Group will directly (40%) and indirectly (through a limited partnership - about 33.33%) own a total of about 73.33% of Jinyi's shares.