Groundbreaking Ceremony of LYC Co. and Entance Company Joint Venture Project

On April 16th, the foundation laying ceremony of the joint venture and cooperation project between Luoyang LYC Co., Ltd., Henan Province and NTN, a world-famous bearing company, was held in Luolong New District, Luoyang City. The foundation stone laying ceremony of LYC (Luoyang) Precision Bearing Co., Ltd. . This indicates that the world's most advanced production plant for wheel hub and needle roller bearings has officially entered the implementation phase.

The foundation stone laying ceremony was presided over by Song Dianyu, the Standing Committee of the Luoyang City Party Committee, Minister of Economic Affairs, and Deputy Mayor.

Chen Xuefeng, Vice Governor of Henan Province, Suzuki Suzuki, Chairman of the Board of Directors of NTN Co., Ltd., Takagi Giyoshi, President of Japan NTN Co., Ltd., Chairman of the Entien (China) Investment Co., Ltd., Mr. Kondo Tetsuya, Secretary General of China Axis Association, Wang Quanqing, Chen Xiangen, Chairman of the Board of the Group, Secretary of the Party Committee, General Manager, Guo Hongchang, deputy secretary of Luoyang Municipal Committee, mayor of the city of Luoyang, Li Xingtai, deputy secretary of Luoyang Municipal Committee, Wu Xizhao, deputy director of Luoyang People's Congress, Li Shengping, vice chairman of Luoyang Municipal CPPCC, and deputy director of the Administrative Committee of Luoyang New District Zheng Zheng, chairman and general manager of the company, Chen Guojun, party secretary Zhang Junqiang attended the foundation laying ceremony. Luoyang Axis Research Technology Co., Ltd., Henan University of Science and Technology, Chief of the 10th Institute of China Machines Corporation, the person in charge of the relevant departments of the municipal government, friends of China Industry News, China Automotive News and provincial and municipal press, and representatives of company employees attended the ceremony and witnessed This historic moment.

The chairman and general manager of the company, Chen Guofan, introduced the situation of the joint venture project. Entien LYC (Luoyang) Precision Bearing Co., Ltd. is jointly funded by Henan Luoyang LYC Bearing Co., Ltd. and NTN Co., Ltd. Entien (China) Investment Co., Ltd. The company's total investment is 174 million U.S. dollars, and the two sides each contribute 50%. The joint venture company adopts the world's most advanced car bearing manufacturing technology to produce high-quality second- and third-generation wheel hub bearing units and needle roller bearings for transmissions. The total planning capacity is 50 million sets per year. The project adopts overall planning and construction in phases. Implemented and planned to pass one year of construction and trial production. In the second half of 2012, it will start to provide high-quality products and services for domestic and foreign auto and motorcycle industries. It plans to achieve a sales revenue of RMB 1 billion by 2015 and a tax of RMB 200 million. . Through the introduction of NTN's advanced technology and international management experience, the joint venture company combined with LYC's perfect marketing network and talent team in China to give full play to the advantages of both parties and try their best to create a model for the Chinese bearing industry's model companies and Chinese-foreign cooperative companies.

Suzuki Tasin, chairman of Japan's NTN Co., Ltd., said that China’s auto market is developing rapidly and the production volume has become the world’s largest. The joint venture will produce passenger car wheel bearings and needle roller bearings, and China’s highest level of LYC bearing manufacturing technology and technology. The ability to purchase parts and components is combined with NTN's highest level of quality and technology. We believe we will be able to produce competitive products.

Chen Xiangen, Chairman of the Board of the Group Company, Party Secretary and General Manager, said that LYC Corporation, as a key enterprise in the equipment manufacturing sector of Henan Coal Chemical Group, has been a banner of Henan's equipment manufacturing companies for five consecutive years as an industry leader. The development of the Los Angeles Axis and its achievements have always been the concern and recognition of the leaders of the Party and the country. The successful foundation of the Entien LYC (Luoyang) Precision Bearing Co., Ltd. is precisely in accordance with the instructions of General Secretary Hu's “One on the Mechanism and Two on the Innovation” in order to strengthen the joint venture and cooperation with world-class companies and achieve independent innovation capability. The effective way to continuously improve product technology. As another major achievement of Henan Coal Chemical Group's adherence to the global development strategy, we will attach great importance to the construction and development of the joint venture company, sincerely cooperate and strictly manage, maximize the inheritance and development of the core advantages of the two companies, and work hard on technology, management, and products. Such aspects as the industry model. In order to effectively adjust the product structure, enhance the industrial level, occupy the high-end of the industry, and help promote the construction of the Central Plains Economic Zone and accelerate the rejuvenation of the national industry to make new and greater contributions.

The Secretary-General of the China Bearing Industry Association, Wang Quanqing, said that the development of the Los Angeles shaft in recent years has shocked the entire industry. In particular, when General Secretary Hu Jintao asked Luo Sheng to inquire about the requirements of “building a world-class bearing R&D production base,” Luo The way and speed of shaft development have changed dramatically. NTU's LYC (Luoyang) Precision Bearing Co., Ltd. from the signing ceremony to the foundation of today marks that the eldest son of the Republic has also reached a new starting point. The China Bearing Industry Association will, as always, support the development of the equipment manufacturing industry in Henan Province and, as always, support the development of the bearing industry in Luoyang and continue to support the development of NTN and LYC companies.

Guo Hongchang, deputy secretary of the Luoyang municipal party committee and mayor, said that in recent years, LYC has made remarkable achievements in the industry by opening its mind, updating ideas, and continuously innovating systems and mechanisms, and has made outstanding contributions to the economic development of Luoyang. The Luoyang Municipal Party Committee and the municipal government have high expectations for the development of LYC, and will continue to pay close attention to the company’s strategic decisions and development and provide comprehensive assistance and policy support.

The chairman of Entien (China) Co., Ltd., Mr. Kondo, and the company’s chairman and general manager, Chen Guofan, made eye-catching lions.

Deputy Governor Chen Xuefeng, NTN Co., Ltd. Chairman of the Board of Directors Suzuki Taixin, Chairman of the Board of Directors, Secretary of the Party Committee, General Manager Chen Xiangen, deputy secretary of Luoyang Municipal Committee and Mayor Guo Hongchang, laid the groundwork for the unveiling of the monument.

In the long-standing celebration of salute and colorful fireworks, leaders and guests at the ceremony laid the groundwork for the joint venture project.