Zhitong Finance App News, Honghe Technology (603256.SH) issued an announcement. The board of directors of the company deliberated and passed the “Proposal on Returning Land Use Rights and Termination of Foreign Investment”, agreed to apply for cancellation of the “Investment Agreement for Electronic Grade Glass Fiber Cloth and Glass Fiber Yarn Production Project” and related agreements, return the state-owned land use rights located in the Baili Industry-City Integrated New Area in Cangxi County, and authorized the company chairman or his authorized representative to specifically handle investment-related matters such as the return of land use rights and the withdrawal of concession prices.

The company originally planned to use the above plot for the company to invest in the construction of a “high-performance electronic grade glass fiber cloth development and production project with an annual output of 72 million meters”. Recently, considering factors such as future strategic layout, long-term development, industrial support, synergy, and comprehensive costs, the company plans to cancel the “Electronic Grade Glass Fiber Cloth and Glass Fiber Yarn Production Project Investment Agreement” and related agreements and return the state-owned land use rights on the plot.

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