Securities code: 836961 Securities abbreviation: Souwest Magnetech
Announcement number: 2024-105
Ningbo Souwest Magnetech Development Co., Ltd
Announcement on Establishing Joint Venture Companies through Outward Investment
The company and all members of the board of directors guarantee the truthfulness, accuracy, and completeness of the announcement content, without false records, misleading statements, or significant omissions, and assume individual and joint legal responsibilities for the truthfulness, accuracy, and completeness of its content.
Overview of Outward Investment
The joint venture established this time is a shareholding company of the company and is not included in the scope of the company's consolidated financial statements. The controlling party is China Northern Rare Earth (Group) High-Tech Co., Ltd（ https://www.reht.com/index ）It is the first stock of rare earth in China, a major supplier of neodymium iron boron permanent magnet raw materials and the world's largest enterprise in the rare earth industry.The new joint venture company will be dedicated to the production of high-performance Neodymium magnets. Through this investment, our company has extended its upstream industrial chain, ensuring supply chain stability. Especially in the face of significant fluctuations in the price of praseodymium neodymium(PrNd) metal materials, we can ensure the safety, timeliness, and sustainability of our raw material supply, providing better services to our customers about magnetic products( permanent magnets, magnetic filter and other magnet system) and having a positive impact on the company's development.
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