Wear-resistant Material's Application in Solar

On August 15, Huamin shares announced that the company and Jianhongda Group signed the "equity transfer Agreement", intends to acquire 80.00% of the equity held by Jianhongda Group with its own capital of 56 million yuan.

The announcement shows that Hongxin Technology was established on January 12, 2022. The company is committed to becoming a professional manufacturer of monocrystalline silicon rod and monocrystalline silicon sheet materials in the upstream of the photovoltaic industry chain. At present, the company has not started operation, and its "annual output of 10GW high efficiency N-type monocrystalline silicon rod, silicon chip project" is in progress.

Hongxin Technology has a wholly-owned subsidiary, Hongxin Dahai New Energy Technology (Shandong) Co., LTD. (hereinafter referred to as Hongxin Dahai). Founded in March 2022, Hongxin Dahai is mainly engaged in the research and development, production and sales of polysilicon purification, ingot, and production and sales of monocrystalline silicon rod and monocrystalline silicon wafer by outsourcing processing.

For the acquisition, Jianhongda Group promises that the net profit of Hongxin technology will be no less than 7.5 million yuan in 2022, 14.5 million yuan in 2023, 16 million yuan in 2024, and the cumulative net profit of the three years will be no less than 38 million yuan.

Huamin said the acquisition will help boost the company's strategic development, broaden the company's new material business layout and enrich the company's product line. At the same time, the company actively grasp the good opportunity of the rapid development of photovoltaic industry, layout of photovoltaic new materials business, is expected to build the company's future profit growth point.

According to the public information, Huamin Shares is specialized in R&D, design, production, sales and application technical services of wear-resistant casting products, and tailor-made application technical solutions for customers.