Shanshan shares issued an announcement on the transfer of part of the shares of the holding subsidiary and the signing of the relevant agreement.

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Ningbo Shanshan Co., Ltd. issued a notice on the transfer of part of its shareholding subsidiary and signed the relevant agreement, saying that in order to seize the opportunity of the rapid development of global new energy vehicles and cope with the increasingly fierce market competition, and to promote the overseas market development and customer structure optimization of the company's cathode material subsidiary Shanshan Energy, the company plans to introduce BASF, which has global industrial layout and international brand influence, as a joint venture partner. Mutual benefit and win-win results can be achieved through capital cooperation. Ningbo Shanshan New Energy Technology Development Co.

After the completion of the transaction, Shanshan Energy will be changed into a Sino-foreign joint venture company, and Yong Xiang Investment and BASF have reached an agreement on the changed Shanshan Energy Joint Venture Cooperation, and intend to sign the "Joint Venture Agreement" at the same time as signing the "Equity acquisition Agreement". At the same time, the company intends to provide joint and several liability guarantee to BASF and sign the guarantee Agreement for all the obligations of Ningbo New Energy and Yong Xiang Investment under the Equity acquisition Agreement and Joint Venture Agreement.

After the completion of the transaction, the company's shareholding in Shanshan Energy will be reduced from 68.6438% to 49%, the company will no longer exercise control over Shanshan Energy, and Shanshan Energy will no longer be included in the company's consolidated statement.