Lu Yin Investment (600784.SH) plans to spend 260 million yuan to set up a wholly-owned subsidiary and 85 million yuan to participate in the Power Investment New Energy Project to promote the W5 New Energy Project

Zhitong Finance App News, Lu Yin Investment (600784.SH) announced that according to the documents of the Shandong Provincial Energy Administration, the company and China Power Investment Group Shandong Energy Development Co., Ltd. (“China Power Investment Shandong Energy”) formed a consortium to obtain development rights for the Lubei Saline-Alkali Beach Scenery Storage and Transportation Integrated Base W5 Plot Project (W5 New Energy Project for short), and agreed to set up separate project companies to jointly promote the development of W5 new energy projects. The company plans to invest 260 million yuan in cash to establish a wholly-owned subsidiary, Luyin New Energy; the company's wholly-owned subsidiary Shandong Caiyangzi Salt Farm Co., Ltd. (“Caiyangzi Salt Farm”) plans to jointly fund the establishment of Power Investment Caiyangzi (Weifang) New Energy Development Co., Ltd. (“Power Investment New Energy”) with a registered capital of 250 million yuan, of which Caiyangzi Salt Farm invests 85 million yuan in cash and holds 34% of the shares.

This foreign investment is conducive to accelerating the W5 new energy project. It aims to further expand the complex development path of the salt industry, promote diversified construction in Yantian, improve resource utilization, inject new vitality into Yantian's economic development, are in line with the company's development strategy, and have positive significance for the company's future development.