Cbak Energy Technology Inc's Comment on Supply Chain
CBAK Power, a wholly-owned Chinese subsidiary, acquired 81.56% of the registered equity interests of Zhejiang Hitrans Lithium Battery Technology Co., Ltd (Hitrans) in 2021. The acquisition included payments to Hitrans management shareholders and a loan agreement to lift a freeze on assets owned by Zhejiang Meidu Graphene Technology Co., Ltd. (Meidu Graphene), which held 60% of Hitrans's equity. CBAK Power assigned part of this loan to Mr. Junnan Ye, who acted as an intermediary in acquiring the 60% equity from Meidu Graphene. Hitrans repaid the loan to Mr. Ye by January 29, 2022. Prior to the acquisition, CBAK Power had a framework investment agreement with Hangzhou Juzhong Daxin Asset Management Co., Ltd. (Juzhong Daxin) and paid a security deposit; part of this deposit was refunded, but a dispute over RMB 3 million remains unresolved with ongoing legal proceedings. Following the acquisition, CBAK Power became the largest shareholder of Hitrans, which obtained title to assets including land use rights, plants, equipment, and permits.
Cbak Energy Technology Inc's Comment on Supply Chain
CBAK Power, a wholly-owned Chinese subsidiary, acquired 81.56% of the registered equity interests of Zhejiang Hitrans Lithium Battery Technology Co., Ltd (Hitrans) in 2021. The acquisition included payments to Hitrans management shareholders and a loan agreement to lift a freeze on assets owned by Zhejiang Meidu Graphene Technology Co., Ltd. (Meidu Graphene), which held 60% of Hitrans's equity. CBAK Power assigned part of this loan to Mr. Junnan Ye, who acted as an intermediary in acquiring the 60% equity from Meidu Graphene. Hitrans repaid the loan to Mr. Ye by January 29, 2022. Prior to the acquisition, CBAK Power had a framework investment agreement with Hangzhou Juzhong Daxin Asset Management Co., Ltd. (Juzhong Daxin) and paid a security deposit; part of this deposit was refunded, but a dispute over RMB 3 million remains unresolved with ongoing legal proceedings. Following the acquisition, CBAK Power became the largest shareholder of Hitrans, which obtained title to assets including land use rights, plants, equipment, and permits.
Sources:
Cbak Energy Technology Inc's official press releases and regulatory filings; CSIMarket.com's supply-chain research; and the financial filings and press releases of other companies cited in this report.
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