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Gaona Aero Material expands globally with Saudi Arabia investment

October 23, 2025 at 05:23 PM UTCBy FilingReader AI

Gaona Aero Material's controlling subsidiary, Qingdao Xinlitong Industrial, is investing up to CNY 137.95 million to establish a wholly-owned subsidiary and an ethylene cracker pipe production base in Saudi Arabia. This move targets overseas market expansion and enhanced global competitiveness, aligning with the "Belt and Road" initiative and the company's long-term strategic plan.

The company is also adjusting guarantees for Qingdao Steel Research New Materials Technology Development following changes in shareholding and creditor structure. Gaona Aero Material's stake in Qingdao Steel Research decreased from 50% to 43.69%, reducing its guarantee obligation from CNY 125 million to no more than CNY 86.0637 million.

These transactions were approved by the board and independent directors. Gaona Aero Material's unaudited third-quarter 2025 report shows total assets of CNY 7.79 billion and net profit attributable to shareholders of CNY 60.76 million, indicating stable financial performance.

This report was generated by FilingReader's AI system from regulatory filings and company disclosures. To request a correction, contact editorial@filingreader.com

SZSE:300034Shenzhen Stock Exchange

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