Jinbei Electric

Jinbei Electric (002533.SZ) announced plans to form a joint venture, Jinbei Electric Ganchang Cable Co., Ltd., with Jiangxi Nanlan Cable Group to expand its wire and cable business in Jiangxi province.

Jinbei Electric held a groundbreaking ceremony on 9 December 2021 for a new electromagnetic wire production facility in Xiangtan High-tech Zone, China. The total investment exceeds 1 billion yuan, with Phase II (2 billion yuan, 60 lines, 20,000 t/yr) to be completed by end of 2022 and Phase III (600 million yuan, 100 lines, 30,000 t/yr) by early 2025.

Jinbei Electric announced a CNY711 million plan to expand production capacity of special electromagnetic wire for new energy vehicle motors by 50,000 tons per year at its subsidiary in Hunan, with completion by June 2025.

Jinbei Electric's subsidiary Jinbei Cable received a notification of award from China Southern Power Grid for the 2020 second batch of distribution equipment and materials framework tender, with an estimated total amount of 273.68 million yuan.