Zhonghong Medical (300981.SZ) plans to invest 557 million yuan to build the first phase of the SEA2 production base, which includes 10 nitrile glove production lines.

Wealthy Financial News APP, China Red Medical (300981.SZ) announced that the company's board of directors and supervisory board have approved the proposal for investing in the construction of a glove production line project. They have agreed to invest in and construct the first phase of 10 nitrile glove production lines at the SEA2 production base. The total investment amount for this project is RMB 557 million (or equivalent foreign currency), of which no more than RMB 279 million of the over-raised funds (part of which will be exchanged from self-owned foreign exchange funds) will be used to increase the capital of wholly-owned subsidiaries China Red International (Singapore) Limited (referred to as "Singapore Company") and China Red International (Hong Kong) Trade Limited (referred to as "Hong Kong Company") by no more than RMB 195.3 million and RMB 83.7 million, respectively. Afterwards, Singapore Company and Hong Kong Company will jointly increase the capital of SEA2 Company (referred to as "SEA2 Company") according to their shareholding ratios, with the remaining funds for investment and construction to be used from the company and its subsidiaries' own or self-raised funds.