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Today's Battery Magazine - Battery Alliance News (Reported from Beijing) On August 25th, Jiangsu Dewei New Materials Co., Ltd. (hereinafter referred to as the company) announced two announcements: the company plans to use its own funds of 480 million yuan to acquire the 60% equity of Jiangsu Heshili held by Jiangyin Huaneng, the former shareholder of Jiangsu Heshili; We plan to acquire 100% equity of Zhengsheng Chemical with our own funds of RMB 41.1349 million.

Dewei New Materials was originally a cable new material production company, but entered the new energy fuel cell industry due to its acquisition of a US hybrid power company in 2016.

On April 28, 2017, Dewei New Materials announced a notice regarding the completion of the wholly-owned subsidiary's acquisition of 10% shares of hybrid power in the United States and 55% shares of fuel power cells in the United States. The notice states that as of April 27, 2017 Beijing time (April 28, 2017 US time), the wholly-owned subsidiary Hong Kong Dewei has completed the delivery of the trading equity and obtained the equity certificates distributed by the counterparty. That is to say, from this moment on, Dewei New Materials fully entered the fuel power cell manufacturing industry and completed it through the acquisition of an American company.

Dewei New Materials analyzed in the notice that based on the evaluation value confirmed by the asset evaluation agency based on the evaluation report issued by Jiangsu Heshili New Materials Co., Ltd. (hereinafter referred to as Heshili or the target company), after mutual consultation, the company plans to use its own funds of 480 million yuan to acquire 60% of the target company's equity held by Heshili's original shareholder Jiangyin Huaneng Company Management Co., Ltd. After the acquisition is completed, Jiangsu and Shili will become the controlling subsidiaries of the company.

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