Total investment of 2 billion! Matsui Shares new project to be built soon!

Recently, Matsui Stock (or the Company) announces that, in accordance with the needs of its long-term strategic development, the Company (" Party B ") and the People's Government of Youxian signed the Investment Contract on March 17, 2023. The Company intends to invest in the automobile coating construction project in Youxian High-tech Industry Development Zone in Hunan Province with its own or self-raised funds. The total planned investment for the project is 2 billion yuan. The Company may make adjustments in accordance with specific circumstances such as subsequent fund raising, the purchase and construction of land and plants, and policy support. The actual amount of investment shall prevail.

The main content of the project construction is production workshop, warehouse, comprehensive scientific research building, etc. The term of construction of the first phase project shall be within two years from the date of bidding, auction and transaction of the land used for the first phase project, and the term of construction of the second phase project shall be within two years from the date of bidding, auction and transaction of the land used for the second phase project. Upon expiration of the term of construction, Party B shall complete the construction and officially put into operation.

This contract is the company based on the development status of the automotive coating industry, trends and their own development needs analysis and made decisions, is an important measure to expand the company's passenger car business, the completion of the project is conducive to further improve the company's industrial layout, enhance the core competitiveness of the company's strategic development planning has positive significance and promote.