Haomei New Materials invests in Morocco joint venture

Guangdong Haomei New Materials (SZSE:002988) announced plans to establish a joint venture, named Morocco Aisi Automotive Industry Co. Ltd. (tentative), in Morocco with Lingyun Industrial Co. Ltd. The venture aims to build a manufacturing base for new energy battery housings, car body structural parts, and high-strength roll-formed parts, targeting the European and North African markets. The total investment in the joint venture is 100 million yuan, with Haomei investing 49 million yuan through its Hong Kong subsidiary, holding a 49% stake. Lingyun Industrial will invest 51 million yuan through its Hong Kong subsidiary, holding a 51% stake. The investment will be funded by the company's own capital. The joint venture is expected to enhance the company's market competitiveness and meet the growing demand for automotive components in the region.