Northern Rare Earth: It is planned to integrate and reorganize its magnetic material enterprises

Per AI Express, on October 25, North Rare Earth announced that the company plans to integrate and reorganize its magnetic material enterprises in accordance with the development strategic plan and the development status of the company's magnetic materials industry. There are four magnetic material companies involved in this integration and reorganization, namely Inner Mongolia Baotou Steel Rare Earth Magnetic Materials Co., Ltd., Ningbo Baotou Steel Zhanhao New Materials Co., Ltd., Beijing Sanjili New Materials Co., Ltd., and North Rare Earth (Anhui) Permanent Magnet Technology Co., Ltd. According to the results of the asset appraisal of the four magnetic material companies, all the shareholders of Anhui Permanent Magnet, Ningbo Zhanhao and Beijing Sanjili increased the capital of Baotou Steel Magnet with all the equity of the three companies they held. The capital increase was confirmed by the asset appraisal results of four magnetic material enterprises issued by the appraisal company, with a total capital increase of 1.205 billion yuan.