On March 10, Changxing Group and MagnaDrive Corporation held a signing ceremony for cooperation in the Industrial Innovation Base of the China-ROK Demonstration Zone. Ma Zhongwei, chairman of MagnaDrive, Bai Yuguang, general manager of Magnetic Technology, and Yu Yang, general manager of Changxing Group Guohao Company, attended the ceremony.

The signed project is based on the Strategic Cooperation Framework Agreement for the Jilin (Changchun) Zero-carbon Technology Industrial Park Project signed between the China-ROK Demonstration Zone and MagnaDrive Corporation. After multiple negotiations between the two sides, the final cooperation has been reached. MagnaDrive is to lease the UAV Manufacturing Industrial Park (Phase II) in the demonstration zone as its industrial base for the zero-carbon magnetic project. The successful introduction of the project will inject new and strong impetus into the building of the "Northern Magnetic Valley". 

It is reported that the project, with a planned investment of 5 billion yuan, will build one institute—a permanent magnetism application technology research institute, three centers—a permanent magnetism technology experience center, a permanent magnetism application product testing center and a permanent magnetism application technology transformation center, as well as six industrial bases—a wind power permanent magnetism suspension bearing scientific testing and industrialization base, a permanent magnetism application technology pilot testing base, a permanent magnetism transmission technology industrialization base, a permanent magnetism torque motor industrialization base, an elevator permanent magnetism safety protection technology industrialization base and a vehicle permanent magnetism retarding technology industrialization base. After being completed, the project will strive to achieve an output value of 2 billion yuan in three years, 5 billion yuan in six years and 10 billion yuan in ten years, and to achieve tax revenue of 200 million yuan, 500 million yuan and 1 billion yuan, respectively.

In the next step, Changxing Group will take the cooperation as an opportunity to further expand investment channels, focus on introducing quality enterprises of all kinds, fully promote project implementation, provide high-quality services, and contribute to the high-quality and rapid development of the demonstration zone.