Ningde era invested 1 billion to set up a wholly-owned subsidiary, including battery manufacturing, etc.

On January 13, Ningde Jiaocheng Times New Energy Technology Co., Ltd. was established with a registered capital of 1 billion yuan and the legal representative is an Guoping. The scope of business includes: emerging energy technology research and development; battery manufacturing; battery sales; electronic special materials research and development; new material technology research and development; energy recovery system research and development; wind farm related system research and development; engineering and technical research and test development.

The equity penetration chart shows that the company is wholly owned by Ningde Times (300750) and is actually controlled by Zeng Yuqun, with a shareholding ratio of 24.53 per cent.

In addition, on December 30, 2020, Ningpu Times Battery Technology Co., Ltd. (hereinafter referred to as Ningpu Times) was registered and established with Zheng Fu as its legal representative with a registered capital of 500 million yuan. The business scope includes new materials technology research and development, electronic special materials research and development, science and technology promotion and application services, battery manufacturing, battery sales, battery leasing, new energy vehicle waste power battery recycling (excluding hazardous waste management), auto parts research and development, new energy vehicle sales, charging pile sales and so on.

Ningpu Times is jointly controlled by China Logistics Holdings 116 and Ningde Times (300750), with capital contributions of 255 million yuan and 245 million yuan respectively, with shares of 51% and 49%, respectively.