Volkswagen China Cheng Guoxuan High-Tech shareholder took more than 26% of the shares.

SMM5 March 29: on the evening of the 28th, Guoxuan Hi-Tech announced that it had signed a "share subscription and Strategic Cooperation Agreement with effective conditions for the non-public offering of A-shares of Guoxuan Hi-Tech Co., Ltd." according to the agreement, Volkswagen China will hold 440802578 shares of Guoxuan Hi-Tech, accounting for 26.47% of the total share capital, making it the largest shareholder of Guoxuan Hi-Tech. And has 13.20% of the right to vote. In spite of this, according to the agreement, Li Gong and his co-actors are still the shareholders who hold the largest voting right of the company. Volkswagen China has promised to irrevocably waive the voting rights of some of its company shares within a certain period of time, so that Volkswagen China's voting rights will be at least 5% lower than that of founder Oriental.

According to the non-public offering A-share plan disclosed by Guoxuan Hi-Tech on the same day, the total amount of funds raised this time does not exceed 7.306 billion yuan, and according to the agreement between the company and the subscriber Volkswagen China, the total subscription amount of the subscriber is not less than 6 billion yuan, that is, the total amount of funds raised is not less than 6 billion yuan. After deducting the issuing expenses, the net funds raised will be used for the industrialization project of Guoxuan battery with annual production of 16GWh high specific energy lithium battery, 30000 tons of high nickel ternary cathode material with annual output of Guoxuan materials and supplementary liquidity.

According to statistics, in 2019, the installed capacity of domestic power battery is about 62.38GWh. the installed capacity of Guoxuan Hi-Tech Power Battery is about 3.2GWh.It ranks third in the industry, of which the installed capacity of lithium iron phosphate battery is 2.9GWh.It ranks second in the country.

According to public information, the first generation of Jianghuai iEV new energy electric vehicles launched by Jianghuai Automobile in 2010 used batteries from Guoxuan Hi-Tech, and since then Guoxuan Hi-Tech has been a supplier of two generations of Jianghuai Automotive.

In mid-2017, Volkswagen signed a contract with Jianghuai Automobile in the presence of the prime ministers of China and Germany, and the two sides soon set up a joint venture Jianghuai Volkswagen Co., Ltd., focusing on the research, development, production and sales of new energy vehicles. Since then, at the end of December of the same year, the two sides signed a memorandum to plan to set up a joint venture company for light commercial vehicles.

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