BEIJING, March 16 (Xinhua) -- Shenzhen WOTE Advanced Materials Co.,Ltd. (002886.SZ, abbreviated as Wote Stock), a leading Chinese company in new materials industry, recently announced its plan to establish a wholly-owned sub-subsidiary company in Vietnam, to accelerate its global business layout, reported China Securities Journal Monday.
Wote Stock plans to increase the capital of 9 million U.S.dollars to its wholly-owned subsidiary in Hong Kong, which will be invested in stages for the establishment of the sub-subsidiary company in Vietnam, so as to promote the company's research, production and manufacturing business of modified materials in Vietnam, enabling the company's new materials platform strategy.
The new base in Vietnam is expected to promote the localization of the company's business and help better meet the needs of overseas customers. At the same time, Wote Stock will continue to improve the global customer and sales network, better absorb and integrate global resources, reduce the company's production costs, and constantly enhance the company's profitability and core competitiveness.
In the past year, Wote Stock has completed the business layout in the field of fluorine-containing materials in the Asian-Pacific Region and Europe, and strengthened the application and promotion of the company's products in semiconductor, new energy and other high-tech fields.
(Edited by Gao Jingyan with Xinhua Silk Road, gaojingyan@xinhua.org)
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