Sinyuan ZM to raise fund for magnesium alloy die-casting components project

Ningbo Sinyuan ZM Technology Co., Ltd. plans to issue convertible bonds to raise up to RMB450 million (USD62.66 million), which will be mainly used for a large and high-strength automotive magnesium alloy precision die-casting components project with a production capacity of 3 million units per annum.

In November 2023, Sinyuan ZM reached an agreement with the management committee of Fenghua Economic Development Zone to build the project in two phases, mainly for the R&D, production and sales of lightweight magnesium alloy and aluminum alloy precision die-casting products. The project is scheduled to break ground in September 2024 and finish construction in December 2027.