[Beijing Kingway Establishes New Lithium Battery Company with Registered Capital of RMB 100 Million] SMM learned that on November 12, Beijing Kingway announced that, in accordance with the company's development plan, it has invested in the construction of a lithium battery project. As of now, the technical validation of lithium battery products has been completed, and the project construction has met expectations.
In order to enhance the management efficiency and business accounting of the company's two business segments of auto parts and lithium batteries, the company has spun off the lithium battery division from Qinhuangdao WKW Automotive Parts Co., Ltd. (hereinafter referred to as "Qinhuangdao WKW") to jointly establish a new company, "Qinhuangdao Titanium Lithium New Energy Co., Ltd.", with Qinhuangdao WKW.
The registered capital is RMB 100 million. Among them, Beijing Kingway has subscribed for a capital contribution of RMB 20 million, accounting for 20% of the registered capital; Qinhuangdao WKW has subscribed for a capital contribution of RMB 80 million, accounting for 80% of the registered capital. The newly established company will primarily engage in battery manufacturing, sales, and related technical services.
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