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On the evening of February 21, Wei Hua New Materials issued a announcement stating that its wholly-owned subsidiary, Shaoxing Wei Hua New Materials Technology Co., Ltd., together with Taixing Meilan New Materials Co., Ltd., would jointly establish a joint venture company named Zhejiang Wei Lan Zhi Jun New Materials Co., Ltd., with a registered capital of 100 million yuan. Shaoxing Weihua will contribute 65 million yuan in cash, accounting for 65% of the registered capital ； Meilan New Materials has subscribed to a capital contribution of 35 million yuan, accounting for 35% of the registered capital. The joint venture will become a holding subsidiary of Shaoxing Weihua and be included in the consolidated financial statements of Weihua New Materials. Weihua New Materials is a high-tech enterprise that possesses core technologies for the synthesis of a range of fluorine-containing fine chemicals, including continuous chlorination, continuous fluorination, continuous nitration, and continuous hydrogenation. It has a complete industrial chain for specialty chemicals in the chlorotoluene series and trifluoromethylbenzene series. The company’s subsidiaries rely on the coordinated development of the entire industrial chain to continuously enhance their competitiveness. Meilan New Materials is a high-tech enterprise dedicated to the research, development, and production of high-performance fluorine-based chemical products. It possesses strong capabilities in independent innovation, holds numerous core technologies and patents, and enjoys significant technical and product advantages in the fields of fluorine-containing new materials and new refrigerants. Weihua New Materials stated that this investment is aimed at achieving resource sharing and complementary strengths. The joint venture will leverage Weihua New Materials’ experience in fluorine chemistry and Meilan New Materials’ expertise in refrigerants, entrusting its subsidiary Zhejiang Fanghua Chemical Co., Ltd. with the processing and production of HFO-1234yf series products, while the joint venture will be responsible for the market development and sales of these products.