Recently, the 9th meeting of the 7th Board of Directors of Zhengzhou Yutong Bus Co., Ltd. was convened. The meeting reviewed and approved the “Proposal to Stop Increasing the Annual Production of 20,000 Bus Technical Transformation Projects†and “Regarding the Adjustment of Energy Saving and New Energy Bus Production Base Project Investment Amount. And the Proposal on the Proceeds of the Stock Allotment and the Proposal on Signing the Supplemental Agreement on the Assets Purchase Agreement.
The announcement said that due to the government's adjustment of land planning, the company has planned energy-saving and new energy bus projects. The capacity plan can basically be satisfied after the project reaches production, and agrees to stop the implementation of the “increased annual output of 20,000 passenger car technological transformation projectsâ€.
The meeting agreed to sign the "Supplementary Agreement for Assets Purchase Agreement" with Zhengzhou Yutong Group Co., Ltd. and freely assign Yutong Group's 318 trademarks in the 12th and 37th categories registered or being registered outside China, permitting Yutong Group and Companies that directly or indirectly control the use of the subject mark at no cost when doing business outside China may not be used for products or services that compete with the company.
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