New Focus Auto (00360.HK) announced on September 26 that the board of directors declared, on September 4, 2024, the company's wholly-owned subsidiary New Focus Holdings (Beijing), with the chairman and executive director Tong and Shenzhen Ke Shang, established a new company, New Focus Nuetec (Shenzhen), with a registered capital of RMB 10 million, of which New Focus Holdings (Beijing), Tong, and Shenzhen Ke Shang contributed RMB 4.5 million, RMB 1.0 million, and RMB 4.5 million respectively. New Focus Nuetec (Shenzhen) is a subsidiary in which the company indirectly owns 45% equity.

The board of directors also announced that New Focus Holdings (Beijing), the company's indirectly wholly-owned subsidiary New Foxconn Optoelectronics (Shanghai), Tong, and Tianjin Yunqi Tian will establish a new company, New Foxconn Technology (Shanghai), with a registered capital of RMB 10 million, of which New Focus Holdings (Beijing), New Foxconn Optoelectronics (Shanghai), Tong, and Tianjin Yunqi Tian will contribute RMB 4.4 million, RMB 0.1 million, RMB 1.0 million, and RMB 4.5 million respectively. New Foxconn Technology (Shanghai) will become a subsidiary in which the company indirectly owns 45% equity after its establishment.

New Focus Nuetec (Shenzhen) will mainly engage in the sales of distribution switch control equipment, electrical electronic components, internet of things devices, lighting fixtures, smart car equipment, fire equipment, solar thermal utilization equipment, batteries, photovoltaic equipment and components, solar thermal utilization products, smart power distribution and control equipment, electrical facility equipment leasing, software development, photovoltaic equipment and component manufacturing, semiconductor device special equipment manufacturing, energy saving management services, energy storage technology services, contract energy management, and enterprise management consulting.

As a technology innovation center, Shenzhen has huge potential and business opportunities in the automotive and electronics industries, and establishing business in the city to capitalize on these opportunities and remain competitive aligns with the group's interests. Shenzhen Ke Shang has rich industry experience in technology services and product promotion (especially in Shenzhen), making it a suitable partner for the group in this business.

The purpose of establishing New Foxconn Technology (Shanghai) is to set up a business platform to communicate and negotiate with local authorities on matters related to factory relocation due to property requisition.