According to Zhitong Finance App, Tuoshan Heavy Industries (001226.SZ) announced that Zhejiang Tuoshan Machinery Co., Ltd. (“Zhejiang Tuoshan” for short), a wholly-owned subsidiary of the company, plans to establish Zhejiang Xianhe Trade Development Co., Ltd. (“Zhejiang Xianhe” for short) with its own or self-funded capital. Zhejiang Xianhe has a registered capital of 20 million yuan, accounting for 100% of the registered capital.

According to the announcement, the company has now set up a wholly-owned Sun Company in Yuhuan, Zhejiang, with the aim of using this company as a platform to carry out sales business related to the company's construction machinery parts and assemblies, which will help the company develop customer resources, improve sales channels and improve service quality.