Xiaxia Precision Plans Up to 400 Million Yuan Smart Transmission Parts Base in Hangzhou

Xiaxia Precision said on August 31 that it has signed a framework cooperation agreement with the Hangzhou Zijin Port Science and Technology City management committee for a smart core transmission parts manufacturing base project. Its wholly owned subsidiary, Xiaxia Precision (Hangzhou) Co., will serve as the project company, with total investment capped at 400 million yuan, and the site is planned for industrial land in the Shuangqiao unit of the science and technology city, according to Jiemian News. The company said its second board of directors, at its 23rd meeting on August 31, unanimously approved the overseas investment proposal for the project. Under the company charter and Shenzhen Stock Exchange listing rules, the proposal does not need to be submitted to shareholders for approval. The board also authorized management to handle land-use bidding and related procedures.