Seosan City, SK On Sign Investment Deal for ESS Battery Production Facility

On April 22, Xiamen Tungsten New Energy Materials Co., Ltd. issued an announcement regarding the relevant proposals to increase capital in its holding subsidiary, Ya'an XTC New Energy Materials Co., Ltd., and have it invest in the construction of an annual 40,000-ton lithium iron (manganese) phosphate project. This investment project is the third phase in Ya'an, an annual 40,000-ton lithium iron (manganese) phosphate project, with an estimated total investment of 734.29 million yuan, including fixed asset investment of 688.91 million yuan and initial working capital of 45.38 million yuan. The construction period is 25 months, with production scheduled to commence in June 2028.

On April 22, Ningbo Shanshan Co., Ltd. issued an announcement stating that the court has approved the reorganization plan for Shanshan Group and its wholly-owned subsidiary Ningbo Pengze Trading Co., Ltd., and has terminated the debtor's reorganization proceedings. According to the reorganization plan, Anhui Wanwei Group Co., Ltd. will, through a combination of direct stock acquisitions and voting arrangements with retained shares, control a total of 21.88% of the voting rights of Shanshan shares held by Shanshan Group and Pengze Trading. The controlling shareholder of Shanshan Shares will change to Wanwei Group, and the actual controller will change to the State-owned Assets Supervision and Administration Commission of the People's Government of Anhui Province.