Abandoning the entry into lithium batteries Zhongli Group decided to terminate the reorganization of BAK Power

by:CTECHi     2021-08-06

On January 10, Zhongli Group issued an announcement stating that the company had abandoned its entry into the lithium battery field and decided to terminate the acquisition of Bico Battery Co., Ltd.

Zhongli Group believes that the reason for the termination of the reorganization is: since the planning of this major asset reorganization, the company and the intermediary agencies hired by the company actively promoted this major asset reorganization jobs. However, due to the major asset reorganization planned this time, faced with macroeconomic environmental factors such as large fluctuations in the secondary market and deleveraging, combined with the actual situation of the target company and the company's future development plan, there is greater uncertainty in this major asset reorganization. The company listens carefully to the opinions of all parties and negotiates with all parties in the transaction to fully protect the interests of all shareholders and parties to the transaction.

Previously, Zhongli Group issued the 'Announcement on the Suspension of Major Asset Restructuring' on February 24, 2018, indicating that the company is planning a major asset restructuring and intends to issue shares and The method of payment in cash is to acquire the shares of Shenzhen BAK Power Battery Co., Ltd. held by trading counterparties including Shenzhen BAK Battery Co., Ltd. and Tibet Haoze Trading Co., Ltd. The initial estimated transaction price may reach 10 billion yuan.

Zhongli Group stated that the impact of the termination of this major asset reorganization on the company The termination of the major asset reorganization is a matter of careful study by the company and reached through friendly negotiations with relevant parties The consistent result will not adversely affect the company's business development, operating performance and financial status.

Zhongli Group also stated that the company has made a new strategic plan for future development: continue to focus on special cables, new polymer materials, optical communications, photovoltaics and other fields. High-quality development will be stronger and bigger, focusing on the expansion of military electronic products, focusing on the expansion of optical cables, photovoltaic industry chains, overseas businesses and overseas projects including energy storage products. Continue to promote technological innovation, increase automation and intelligent manufacturing technology, strengthen the company's development potential, and maintain its leading position in the industry.

Jiangsu Zhongli Group Co., Ltd. was established on September 5, 1988, formerly known as Changshu Tang City Cable Factory, and the company was restructured into shares on August 6, 2007 Limited company. The company's products have expanded from flame-retardant and fire-resistant flexible cables to multi-regional markets such as communication cables, marine cables, new energy cables, photovoltaic solar cells and their components, and provide for the global equipment manufacturing industry, rail transit industry, solar industry, and new energy industry. Quality products and services.

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