On the evening of November 7, Boway Alloy released two announcements, disclosing the termination of the Vietnam production base project, which had been in preparation for nearly a year, and simultaneously launching a US$150 million investment plan in Morocco to establish a production base for 30,000 tons of special alloy electronic material strips annually.
According to the announcements, Boway Alloy first disclosed its Vietnam investment plan in December 2024, proposing to invest US$150 million to establish a wholly-owned subsidiary and production base. However, just 11 months later, the company terminated the project, citing “significant changes in international trade policies, rendering the project unable to meet investment return requirements.” Fortunately, the project had not yet been materially implemented—the subsidiary had not been established, and the base had not commenced construction. The company emphasized that this would not have a significant impact on its financial condition.
Synchronized with the termination of the Vietnam project, the Morocco project, with the same investment scale of US$150 million (approximately RMB 1.076 billion), is set to proceed. The project will be located in the West Mediterranean Betoya Industrial and Logistics Park in Nador Province, Oriental Region, Morocco, and will be implemented by a newly established wholly-owned subsidiary. The project plans to utilize 188,000 square meters of land, constructing 121,000 square meters of factory buildings and ancillary facilities, and equipping 186 sets of production and testing equipment. Construction is expected to commence in October 2026, with a 36-month construction period. The projected after-tax financial internal rate of return is 16.72%.
Public information indicates that Morocco, leveraging its free trade agreement with the EU and its strategic Mediterranean logistics location, has become a popular destination for Chinese companies expanding overseas. Companies such as Sentury Tire, CITIC Dicastal, and BTR New Material have established production bases in Morocco, forming an industrial cluster in the automotive and new energy sectors. This regional advantage aligns closely with Boway Alloy’s customer structure—the company’s core clients include global industry leaders such as NVIDIA, Tesla, and BMW. In the first half of 2025, its top 20 customers accounted for 42% of its revenue.
As the first listed company in China with copper alloys as its main business, Boway Alloy ranks among the top five global advanced copper alloy suppliers, holding over 40% of the global market share in precision cutting wires. Its market share for semiconductor lead frame materials rose to 35% in the first half of 2025, continuously replacing imports in high-end sectors. Meanwhile, its photovoltaic module business focuses on high-margin overseas markets, achieving revenue of RMB 2.17 billion in the first half of 2025, with sales volume increasing by 4.52% year-on-year.
Industry analysts note that this shift in capacity layout not only mitigates risks associated with trade policy fluctuations but also leverages Morocco’s strategic location to get closer to core markets in Europe and the United States. Combined with the company’s technological and customer advantages, this move is expected to further enhance its global market share.
