Recently, Jiangsu Xingda Steel Tyre Cord and Hixih Rubber entered an investment agreement. It is reported that the two parties are preparing to establish a joint venture to build a factory with an annual output of 50,000 tons of steel tyre cord. According to the agreement between the two parties, Xingda will be responsible for all operations and management of the joint venture company. The board of directors of the joint venture company consists of three directors, with the number of directors appointed by Xingda and Hixih being two and one.