Xinyi Building Rechargeable Lithium Battery Plant -Lithium - Ion Battery Equipment
Xinyi Hong Kong announced in its interim results that it had purchased a piece of land in Zhangjiagang, Jiangsu Province, which it now plans to use for the construction of a new lithium-ion battery production plant.
On August 6, Anhui Xinyi Power Supply Co., Ltd., a wholly-owned subsidiary of the company, and two independent third-party contractors entered into a framework agreement for demolition of buildings, removal of old production facilities and site formation. Pursuant to the Framework Agreement, Xinyi Power will immediately hand over the Land to the Contractor, and the Contractor agrees to carry out all demolition, removal and site formation works on the Land in accordance with the specifications and timetable required by Xinyi Power.(Lithium - Ion Battery Equipment)
The Directors expect that all works to be carried out by the contractor under the Framework Agreement will be completed by 31 December this year. At the same time, the directors expect that the consideration of RMB 25.25 million excluding VAT, after deducting related costs, will be recognized by the company as other income in the third and fourth quarters of 2018, respectively.
On August 6, Anhui Xinyi Power Supply Co., Ltd., a wholly-owned subsidiary of the company, and two independent third-party contractors entered into a framework agreement for demolition of buildings, removal of old production facilities and site formation. Pursuant to the Framework Agreement, Xinyi Power will immediately hand over the Land to the Contractor, and the Contractor agrees to carry out all demolition, removal and site formation works on the Land in accordance with the specifications and timetable required by Xinyi Power.(Lithium - Ion Battery Equipment)
The Directors expect that all works to be carried out by the contractor under the Framework Agreement will be completed by 31 December this year. At the same time, the directors expect that the consideration of RMB 25.25 million excluding VAT, after deducting related costs, will be recognized by the company as other income in the third and fourth quarters of 2018, respectively.
