Gelonghui July 23 丨Fuao Co., Ltd.(000030.SZ) announced that in order to accelerate the pace of international development and meet the supply requirements of international vehicle users Mexican Volkswagen, the company plans to invest in a factory in Mexico and establish a holding subsidiary “Fuao Mexico Auto Parts Co., Ltd.” (“Fuao Mexico”) to support Volkswagen tandem pump products in Mexico. Fuao Mexico has a registered capital of 24.688 million yuan. The company plans to hold 99% of the shares, and the company's wholly-owned subsidiary “Fuao America Co., Ltd.” (“Fuao America”) will hold 1% of the shares.

The project will help the company accelerate the international industrial layout, promote open cooperation, expand overseas markets, further seek international orders, enhance competitiveness in the international market, and will not have a significant impact on the company's financial and business conditions. After this investment, the development of Fuao Mexico is still affected by objective factors such as the political and economic environment, market environment, and industry trends, and there is still some uncertainty about whether the expected results can be achieved.