Zhejiang Shuanghuan Driveline adjusts capital, invests in subsidiary

Zhejiang Shuanghuan Driveline canceled 7,985,700 shares on May 22, 2024, to reduce its registered capital. This action decreased the company's total share count from 853,480,732 to 845,495,032, with the registered capital adjusted from 853,480,732 yuan to 845,495,032 yuan.

The company will also increase the capital of its wholly-owned subsidiary, Huanyan Driveline Research Institute (Jiaxing) Co., Ltd., by 100,000,000 yuan. This will raise Huanyan Driveline’s registered capital from 120,000,000 yuan to 220,000,000 yuan, with Zhejiang Shuanghuan Driveline retaining 100% ownership.

These changes are accompanied by revisions to the company's Articles of Association, reflecting the updated capital structure, business scope, and governance framework, including adjustments to the board of directors and the removal of the supervisory board. The company's business scope was also updated to include "metal ore sales" and "non-ferrous metal alloy sales," while refining existing categories.