Xiamen, Fujian Province-based Chinese wheel producer Sunrise Wheel Group Co., Ltd recently announced that it will invest RMB 400 million ($61.8 million) to fund the steel rim and steelwork program of its wholly-owned subsidiary Sichuan Province-based Sunrise Metal Co., Ltd.
With the fund in question, Sunrise Metal's registration capital has increased from RMB 1 million ($15.5 million) to RMB 200 million ($30.9 million), while the remaining RMB 201 million ($31 million) is added to the company's capital reserve.
The abovementioned program will be located in Nanchong, Sichuan. After the program is completed, the average delivery time of steel rim and steelwork products is expected to drop by 2-12 days, while the transportation fee would be reduced by RMB 35 million ($5.4 million) per year.