On the morning of August 18, the company held a grand signing ceremony with the People's Government of Lujiang County in Guohe Town, Lujiang County, on the Sinomag Science Park project. The company's chairman Xiong Yonghong, president Xiong Yongge and other company leaders attended the signing ceremony; Li Wei, Deputy Secretary of the CPC Lujiang County Committee, Wang Shijun, Member of the Standing Committee of the CPC Lujiang County Committee, Secretary of the Discipline Inspection Commission and Director of the Supervision Committee, Kong Bin, Member of the Standing Committee of the CPC Lujiang County Committee and Executive Deputy County Chief, Su Shaochun, Deputy Secretary of the Party Leadership Group of the Standing Committee of the People's Congress of Lujiang County, and heads of government departments such as Taiwan Innovation Park, the County Party Committee Office, the County Investment Promotion Center, and the Guohe Town Government attended the signing ceremony. Hong Jungui, Secretary of the Party Committee of Guohe Town, Lujiang County, presided over the signing ceremony.

At the beginning of the ceremony, Xiong Yongge, the president of the company, first gave a brief introduction to the project overview of Sinomag Science Park. He said that Helu Industrial New Town, located in the center between the main urban area of Hefei and Lujiang County, is a "bridgehead" and "hub" of Hefei's southward radiation development. With obvious advantages in resources and huge development potential, it is a hot land for investment. In the future business development, the company will continue to strengthen the communication and docking with the local government, make every effort to do a good job in project construction, and strive to complete, operate and put into production as soon as possible, so as to achieve mutual benefit and win-win results and contribute to the development of local economy and society.

During the ceremony, Li Wei, Deputy Secretary of Lujiang County Party Committee, delivered a speech and emphasized that the Sinomag Science and Technology Park project signed this time has greatly promoted the extension, supplement and strengthening of the magnetic material industry chain in Lujiang County, injected strong power and vitality into the development of Helu Industrial New City, and is a "win-win" event for enterprise development and new city construction.

At the end of the ceremony, Xiong Yongge, president of the company, signed a contract with Kong Bin, member of the Standing Committee of the CPC Lujiang County Committee and executive deputy county head, and exchanged the signing text. The signing ceremony was a complete success!

The Sinomag Science and Technology Park Project is located in the Lujiang Science and Technology Park of Hefei High tech Zone in Guohe Town, Lujiang County. It will build four new projects, where we will have the annual production of 15000 tons of dry pressed powder of permanent ferrite, 20 million brushless electronic commutators, 10000 tons of high-performance wet pressed magnetic tile automatic production line, and the annual production line of 30 million high-end stator casings. It is planned to be implemented in two phases. The first phase will start construction in June 2022, and be completed and put into operation in December 2023; The second phase will start construction in 2024 and be completed and put into operation in 2025. The investment and construction of this project is an important part of the company's strategic development plan, which is conducive to further improving the company's capacity layout, meeting the needs of the company's future business development and market expansion, and is of great significance to promoting the company's long-term stable development.