Sunwoda Invests RMB 2 Billion in Vietnamese Lithium-ion Battery Factory and Acquires Stake in Huizhou Yingwang Precision to Boost Profitability

Published: Jul 17, 2024 09:08

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[Sunwoda: Plans to Invest RMB 2 billion in Building a Vietnamese Lithium-ion Consumer Battery Factory Project] Sunwoda announced that the company plans to establish Vietnam Lithium Power Co., Ltd. through its subsidiary Hong Kong Xinwei, and invest in the Vietnamese Lithium Power consumer lithium battery factory project with a total investment not exceeding RMB 2 billion. This overseas investment is aimed at further improving the company's business layout and expanding overseas business. Sunwoda also announced that its wholly-owned subsidiary Qianhai Hongsheng intends to acquire 30.1266% of the equity held by minority shareholders in its controlled subsidiary Huizhou Yingwang Precision Technology Co., Ltd. for approximately RMB 535 million. After the acquisition, Qianhai Hongsheng will hold 82.5316% of the equity of Huizhou Yingwang Precision. The acquisition of part of the equity of Huizhou Yingwang Precision will enhance the company's profitability and increase its profits.

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