Kane AG terminates acquisition of 87% stake in Zhuoneng New Energy

Kane shares (002012) disclosed the progress of major asset restructuring on the evening of April 26, the company originally planned to issue shares and pay cash to purchase 87.58% equity of Zhuoneng New Energy Co., Ltd. and raise matching funds. Now that the external environment of the industry policy and the securities market has changed, the company and the counterparty are unable to reach an agreement on the valuation of the underlying company's assets and the adjustment of the pricing plan to decide to terminate this major asset restructuring.

On the same day, Kane shares disclosed a quarterly report. The company's net profit for the first quarter of this year was 5.463 million Yuan, down 68% year-on-year.

According to the data, Zhuoneng New Energy's main business is the development, production and sales of 18650 cylindrical lithium-ion batteries, battery packs and new energy electric vehicle power systems. As an old-fashioned digital battery company in South China, Zhuoneng New Energy seized the opportunity of explosive growth in the new energy vehicle market and actively transformed and upgraded power battery manufacturing, and achieved remarkable results, becoming a typical representative of digital transformation power.

It is understood that the fully automatic power battery production line of Zhuoneng, a wholly-owned subsidiary of Zhuoneng New Energy, has been put into production steadily, and the power battery business has become an important growth point for Zhuoneng's revenue increase.

At present, Guangxi Zhuoneng's 5 billion ampere-hour lithium-ion battery and 100,000 sets of new energy vehicle power system industrialization project (Phase I), as well as the automotive battery PACK production line construction project are rapidly advancing, and the power battery capacity has been fully released. Successfully realized the transformation and upgrading from the traditional digital battery field to the high-end power battery field.

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