Gelonghui, September 27th | Biyi Corporation (603215.SH) announced that in order to further enhance the company's overall competitiveness, strengthen the influence of Chinese companies worldwide, through the establishment of overseas secondary subsidiaries in Thailand by Path Company Fuyi Group Co., Ltd. (Hong Kong Fuyi 100% owned, hereinafter referred to as "Hong Kong Fuyi") and Singapore Litadacom Holdings Limited (100% owned by Hong Kong Fuyi, hereinafter referred to as "Singapore Litadacom"), it will set up Thailand Fuhuada, a factory project with an annual production capacity of 7 million kitchen appliances. It is expected that after the production, this project will contribute 7 million units of overseas production capacity, mainly used for the production of air fryers, coffee machines, and future other new categories of small appliances.

This additional investment is mainly due to the company's project construction progress and to ensure the subsequent project funding needs. It plans to increase the capital of Thailand Fuhuada by $30 million with its own funds, and will be carried out in installments according to the project progress and the subsequent operation of Thailand Fuhuada.

The company has previously approved a total investment of $20 million in Thailand Fuhuada, which is included in its registered capital. For more details, please refer to the announcement "Zhejiang Biyi Electric Co., Ltd.'s Overseas Secondary Subsidiary Investment Construction Projects and the Company's Corresponding Capital Increase" disclosed by the company on April 4, 2024 on the Shanghai Stock Exchange official website. $10 million has been approved by the Ningbo Municipal Bureau of Commerce (Overseas Investment Certificate No. N3302202300381), and has been filed by the Ningbo Municipal Development and Reform Commission (Yongfagai Development [2023] No. 562). The remaining $10 million will be submitted for filing with relevant domestic and overseas competent authorities together with this capital increase of $30 million, making the actual recorded amount of this capital increase $40 million.

Currently, Thailand Fuhuada has started work on personnel immigration and equipment customs declaration to ensure the smooth progress of the above-mentioned work. According to the requirements of overseas investment, the company will simultaneously handle the change of Thailand Fuhuada's registered capital and registered address, with the registered capital changing from the initial 5 million Thai baht to 700 million Thai baht (approximately $20 million), and the registered address changing from the initial No. 5 Soi Chokchai 4 Soi 36 Yaek 2, Chokchai 4Road, Lat Phrao Sub-district, Lat Phrao District, Bangkok to Pa Nanikon Subdistrict, Pa Nanikon County, Rayong Province, Thailand, and will accordingly amend the English name of Path Company Singapore Litada Tong in the relevant declaration documents, changing it from Singapore Litadong Holdings PTE. LTD. to SINGAPORE LIDATONG HOLDINGS PTE. LTD.