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Tiandi Science & Technology to Invest 450 Million Yuan in Hainan JV

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Tiandi Science & Technology (SHA:600582) is investing 450 million yuan to establish a joint venture in Hainan, China with controlling shareholder China Coal Technology, according to a Thursday filing with the Shanghai bourse.

The joint venture, China Coal Technology & Engineering Group Hainan, aims to leverage Hainan Free Trade Port policies to build a bonded maintenance and remanufacturing base for international markets, enhance overseas after-sales service, and establish an import parts procurement platform to support the company's global expansion.

China Coal Technology & Engineering Group Hainan, with registered capital of 500 million yuan, will be 90% owned by Tiandi Science & Technology and 10% by China Coal Technology.

Shares of Tiandi Science & Technology closed 3% lower Thursday.

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