Tongwei to Acquire Majority Stake in Renergy for Up to RMB 5 Billion Through Capital Increase and Share Acquisition

Published: Aug 13, 2024 21:03

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Tongwei Co., Ltd.: Plans to Increase Capital and Acquire Shares of Renergy, with Total Transaction Value Not Exceeding RMB 5 Billion

Tongwei Co., Ltd. announced that the company intends to sign an "Agreement of Intention for Capital Increase" with Renergy and its related parties, under which Jiangsu Yueda Group Co., Ltd. will invest an additional RMB 1 billion in cash into Renergy. After completing due diligence, auditing, and evaluation of Renergy, Tongwei will invest additional cash into Renergy using its own funds or self-raised funds and acquire the equity of Renergy obtained by Yueda Group through the aforementioned RMB 1 billion capital increase, collectively acquiring no less than 51% of Renergy's equity. The total transaction value will not exceed RMB 5 billion. Upon completion of the transaction, Renergy will become a subsidiary of Tongwei Co., Ltd.

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