Baotong Technology raises 600 million yuan to add to Thailand's digital conveyor belt project

Wuxi Baotong Technology Co., Ltd.'s plan to issue shares to specific objects in 2023 was approved by the shareholders 'meeting.

It is reported that the total amount of funds raised from this stock issuance to specific targets will not exceed 600 million yuan (inclusive), and after deducting issuance expenses, it is planned to be used for Thailand's annual output of 10 million square meters of digital conveyor belt project.

On June 2 this year, Baotong Technology plans to establish a subsidiary in Thailand to focus on the production, sales and service of high-performance digital conveyor belts. The new project is located in Rayong Industrial Park in Thailand and China, with a total investment of 640 million yuan. The raised funds will mainly invest in land purchase fees, construction costs, equipment purchase costs, etc. required for project construction, and provide part of the working capital for land paving.

The construction cycle of the project is expected to be 30 months, including multiple stages such as construction, equipment procurement and installation and commissioning. However, at the time of the release of the plan, the project had not yet obtained an overseas investment filing notice, and the procedures related to overseas investment involved were being intensively processed. In addition, the signing of a land sales contract with the construction of a real estate park has yet to be implemented.

Baotong Technology said that this investment and construction project in Thailand is an important step in the company's pursuit of its globalization strategic goals. By setting up production bases overseas, the company will better interact with international customers and quickly meet their needs. At the same time, building a global supply chain system will help reduce operating costs and enhance the international competitiveness of products.