Yunhai Metal’s subsidiary Boao Magnesium and Aluminum Receives 1 Million RMB Strategic Investment
Recently, Chongqing Boao Magnesium Aluminum Metal Manufacturing Co., Ltd. received a strategic investment of 1 million yuan. This investment was introduced in the form of capital increase. The capital increase is the Jinshi Manufacturing Transformation and Upgrade New Material Fund (referred to as “Jinshi Fund”).
It is understood that on the evening of August 8, Yunhai Metal (17), a magnesium alloy sub-industry, issued an announcement stating that in order to expand the company’s production and sales of original magnesium and magnesium alloys, the company’s wholly-owned subsidiary Chaohu Yunhai Magnesium Co., Ltd. The company and Chongqing Boao Magnesium and Aluminum Metal Manufacturing Co., Ltd. decided to introduce investors by way of capital increase. The investors are all Jinshi Funds, with a total capital increase of 002182 million yuan , of which Chongqing Boao increased its capital by 6 million yuan, and Chaohu Yunhai increased its capital by 1 million yuan..
Boao Magnesium Aluminum is a manufacturer of automotive magnesium-aluminum alloy products, providing lightweight solutions to automotive customers, engaged in the design, development, manufacturing and sales of medium- and large-scale magnesium-aluminum die-casting products. The main products are seat brackets, instrument panel brackets, central control brackets, battery boxes, etc., which can produce medium and large parts of magnesium and aluminum alloy automobiles.
On July 9, 2019, Yunhai Metal successfully acquired 100% of Chongqing Boao Magnesium and Aluminum with a capital of 235 million yuan. According to it, magnesium alloy has become a new type of lightweight material in the development trend of automobile lightweight. This acquisition is conducive to improving the company’s profitability, extending the company’s industrial chain downwards, and deploying the company in the field of deep processing.
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