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Mengshi Technology announced on August 31 that the company signed an equity transfer agreement with Great Wall Holdings, transferring 51% of the equity of Shanghai Fuel Cell Vehicle Power System Co., Ltd. to Great Wall Holdings for 60 million yuan. At the same time, Shangran Power still had a current account of 169.7 million yuan to the company and its subsidiaries, which was repaid by Great Wall Holdings.

After the completion of this transaction, Mengshi Technology will no longer hold the equity of Shangran Power. Through this transaction, Mengshi Technology is expected to generate an investment income of 16.43 million yuan, which will largely alleviate the precarious financial situation of Mengshi Technology. In addition, the transaction is also conducive to optimizing the company's asset structure and resource allocation, reducing management risk and financial risk, in line with the company's overall planning, and in line with the long-term interests of all shareholders and the company.

According to the semi annual report released by Mengshi Technology on August 28, Mengshi Technology achieved an operating revenue of 755 million yuan in the first half of 2018, a year-on-year decrease of 51.30%; The net profit attributable to shareholders of the listed company was 308 million yuan, a year-on-year decrease of 752.61%. During the reporting period, Mengshi Technology accumulatively repaid 1.922 billion yuan of various financing amounts that could not be renewed, the total interest bearing amount decreased by 9.7 billion yuan, and the weighted average comprehensive cost of new financing was 9.56%, 1.21 percentage points higher than that in 2017.

In addition, Mengshi Technology also disclosed in the semi annual report that, due to the continuous loan collection, the company's liquidity evolved from the tension in the first quarter to the near depletion at the end of the second quarter, which had a huge negative impact on the company's operating performance in the first half of 2018.

According to the data, Shanghai Combustion Power is mainly engaged in the research and development of fuel cell vehicle power platform and related technologies, the development of vehicle related technologies based on the fuel cell vehicle power platform, the trial production of fuel cell vehicles, the development and sales of fuel cell vehicle power platform and parts, the planning of automobile production line, and the development and sales of automobile parts.

On January 12, 2017, Mengshi Technology purchased 44.63% equity and 6.38% equity (51.01% equity in total) of Shanghai Fuel Cell Vehicle Power System Co., Ltd. held by CEC Haikang Group Co., Ltd. and the 21st Research Institute of China Electronics Technology Group Corporation with free funds. He also said that this move would further fill the gap in power system and control system in the company's new energy vehicle industry chain, further improve the company's R&D and production capacity in the field of new energy vehicles, and improve the company's strategic layout of new energy industry.

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