22 Years' Battery Customization

Baling Technology terminates assets reorganization to acquire the equity of Yuqi Battery

Mar 18, 2019   Pageview:632

On the evening of May 17, Baling Technology(002592) announced the termination of the reorganization. The company originally planned to acquire Jitai Automobile. Due to the reorganization involving the acquisition of overseas assets, the complexity of legal procedures, and the recent tension in Sino-U.S. trade relations, there is a lot of uncertainty in the planned time for the reorganization. The company decided to terminate the reorganization.

According to the announcement, based on the judgment of the good market prospects of Suzhou Yuliang Battery Co., Ltd. and the needs of the company's strategic development, Baling Technology and the controlling shareholder of Suzhou Yuliang Battery Co., Ltd.(hereinafter referred to as "Yuliang Battery") Shanghai Kailong Investment Management Co., Ltd. signed the "Letter of Intent for Equity Transfer" on May 16, 2018. After friendly consultations between the two sides, a preliminary cooperation intention was formed. The company intends to transfer 20 % to 30 % of the equity held by Kelon Investment, and the overall valuation of the UQ battery is 2.8-3 .5 billion yuan. The two sides will discuss the specific terms of the transaction after completing due diligence. And sign a formal equity transfer agreement.

According to public information, the parity battery is a provider of ternary power battery system solutions, focusing on the development, production, and sales of ternary power lithium battery cores, modules, and battery systems. Provide global customers with safe, reliable, efficient, durable and competitive three-way power battery system solutions. The UQ battery has a core R&D team with strong R&D design capabilities led by Dr. Maohuanyu. It has a high-safety battery structure design, a chemical design that reduces the intensity of thermal runaway, a design that cuts off the runaway battery monomer to maintain the battery operation, a detachable battery link design, and an ultra-thin thermal conductive diaphragm design on the side of the core and polar group., capacity separation technology and other innovative technologies, The new materials such as high nickel NCM811 material and Silicon carbon/graphite mixture were successfully used as positive and negative poles to produce high-energy batteries, which made them have significant technical competitive advantages and manufacturing advantages in the same industry.

The UQ battery was established in 2014 and plans to have an annual power battery capacity of 12 GWh. At present, the first phase of 2GWh production capacity has been put into production, mainly supporting WELTMEISTER, Jianghuai Automobile, Kowloon Automobile, Jinlong Bus, Guanzhi Automobile, Lujianzhou, Hezhong Automobile, Southeast Automobile, Zhongtai Automobile and other auto manufacturers.

Baling Technology stated that the company's acquisition of a part of the equity of the UQ battery, on the one hand, can share the future development of the UQ battery; On the other hand, it will help strengthen the deep integration of the company and the UQ battery in the new energy automotive industry, further strengthen the company's competitive advantage in the new energy automotive industry, achieve the company's layout and breakthrough in the automotive industry, and promote the company's existing products in the automotive field. Infiltration and application, We will increase the scale of the company's business and the level of competition in the industry, enhance the company's continuous profitability, and promote the healthy and stable development of its main business.

The page contains the contents of the machine translation.

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