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Major Project Investment Contract Signed Between Chervon Auto and Ma’anshan Yushan Economic Development Zone Management Committee

2020-10-23

On August 26, 2020, Chervon Auto and Ma’anshan Yushan Economic Development Zone Management Committee held a ceremony to sign the investment contract for the intelligent manufacturing of high-end automobile parts. This signing ceremony involved Zhang Yuefeng, Secretary of Ma’anshan Municipal Party Committee, Yuan Fang, Mayor, Wu Jin, Deputy Secretary of Municipal Party Committee and Executive Vice Mayor, Kan Qinghe, Deputy Mayor of Municipal Government, and main leaders from Ma’anshan Municipal Development and Reform Commission, Ma’anshan Municipal Science and Technology Bureau, Ma’anshan Municipal Economic and Information Bureau, Ma’anshan Municipal Finance Bureau, Ma’anshan Municipal Natural Resources and Planning Bureau and Ma’anshan Municipal Investment Promotion Center. Shen Chunxia, Deputy Secretary of Yushan District Committee and District Head, presided over the signing ceremony, and Pan Longquan, Chairman of Nanjing Chervon Auto Precision Technology Co., Ltd., Zhang Wei, Chairman of Co-Stone, and Zuo Nianwen, Secretary of Yushan District Committee, made a speech respectively.

Zuo Nianwen, Secretary of Yushan District Committee, made a speech

Shen Chunxia, Deputy Secretary of Yushan District Committee and District Head, presided over the signing ceremony

Pan Longquan, Chairman of Chervon Auto, made a speech

Zhang Wei, Chairman of Co-Stone, made a speech

Deng Lingqu, General Manager of Chervon Auto, and Liu Ping, Member of the Standing Committee of Yushan District Committee and Director of the Management Committee of Yushan Economic Development Zone, signed the investment agreement

Through prudent evaluation and preliminary investigation, the management of Chervon Auto finally determined the project plan for this outbound investment, so as to meet its needs of business development, increase production capacity, and accelerate industrial layout. It is expected to invest RMB 2.05 billion in total for this project which covers an area of about 230mu (1mu≈666.7m²) and is mainly engaged in the research & development, production and sales of key automobile parts made of aluminum alloy and ferrous metals. The products are mainly used in key systems of new energy automobiles and mid-to-high end traditional automobiles.

Since its establishment in 2012, Chervon Auto has always adhered to its development goal that is to “create world-class manufacturing capacity and design goal top automotive industry chain”. Over the years, it has won good reputation in the industry and been widely recognized in the market with its high product quality, fast customer response and continuous technological innovation capabilities. The company will set up a project company that will continue to promote the implementation of the overall project in Ma’anshan Yushan Economic Development Zone. Also, this project company will be the first wholly-owned subsidiary established by Chervon Auto and the result of an important decision made by Chervon Auto in resources and management after evaluating the trend of industry development. Furthermore, it represents the first step taken by Chervon Auto to start industrial layout, with important strategic significance.

Mr. Pan Longquan, Chairman of Chervon Auto, thanked Ma’anshan Municipal Party Committee and Government as well as the governments at all levels in Yushan District and Yushan Development Zone for their support on behalf of Chervon Auto. Pan Longquan said that the company would take full advantage of existing successful experience in management, technology, cost and other aspects to build an automobile parts production base with more intelligent management, more efficient production, and more advanced technology, so as to repay shareholders, leaders at all levels and friends from all walks of life with better performance for their trust and expectations.