Shantui will establish multiple subsidiaries overseas

On July 16th, Shantui Engineering Machinery Co., Ltd. (hereinafter referred to as Shantui) issued a notice on the establishment of a wholly-owned subsidiary overseas. Shantui stated that in order to meet the company's development strategy and further explore overseas markets, Shantui has jointly invested 3 million US dollars to establish an overseas wholly-owned subsidiary in Indonesia through its wholly-owned subsidiary Shantui (Hong Kong) Holdings Limited (hereinafter referred to as Shantui Hong Kong) and Shantui Singapore Company (hereinafter referred to as Shantui Singapore); Establishing a wholly-owned overseas subsidiary in Australia through Shantui Hong Kong's investment of 1 million US dollars; Establishing a wholly-owned overseas subsidiary in Nigeria through Shantui Hong Kong's investment of 600000 US dollars; After increasing its capital by 2.8809 million US dollars to Shantui Hong Kong, it jointly invested 2.91 million US dollars with Shantui Singapore to establish a wholly-owned overseas subsidiary in Thailand.

The business plan of the newly established wholly-owned subsidiary mainly includes the sales, leasing, and after-sales service of engineering machinery hosts and accessories, vehicles, mining equipment, and other products.

Shantui Corporation stated that this move is aimed at further expanding its business in the Indonesian, Australian, Nigerian, and Thai markets, promoting exchanges and cooperation between the company and these markets, enhancing the company's overall strength and market competitiveness, and creating more opportunities and favorable conditions for the company's development.