New focus (00360.HK) announcement, October 6, 2023, Newfox Optoelectronics (Qingdao)(wholly owned subsidiary of the company)Entered into a construction agreement with the contractor, under which the contractor agreed to build an industrial park, including a new production plant for the manufacture of electronic components for new energy vehicles, as well as other ancillary facilities at a cost of RMB 290 million.
The industrial park will be located in Laixi City, Qingdao City, Shandong Province, China. The production plant is planned to be developed into a production plant for the group to manufacture electronic components for new energy vehicles. As disclosed in the circular, the Board considers that the construction of the industrial park is a good opportunity for the company to enhance its product development capacity, upgrade its manufacturing infrastructure and sales platform, further expand its production scale and improve its operational efficiency.