Zhitong Finance App News, Huatai Co., Ltd. (600308.SH) announced that the company signed a “Framework Agreement for the Establishment of a Joint Venture” with Vietnam Qinghua Group Co., Ltd. (“Tsinghua Group”) on May 30, 2024. The company plans to participate in the establishment of a joint venture to use the geographical location advantage of the joint venture to purchase wood chips for homemade pulp in Vietnam, which will help the company reduce wood pulp procurement costs, reduce dependence on external procurement of wood pulp, and help the company stabilize the supply channel for papermaking raw materials.

According to reports, the joint venture's registered capital is 140 billion VND (equivalent to RMB 42 million). Qinghua Group or its related parties invested 71.4 billion VND (equivalent to RMB 21.42 million) and held 51% of the joint venture's shares. Huatai shares or its related parties invested 68.6 billion VND (equivalent to RMB 20.58 million) in RMB conversion and held 49% of the joint venture's shares.