On October 30, Xinwangda announced that Hanxing Venture Capital Co., Ltd., a wholly-owned subsidiary of Millet Technology, had subscribed for 897.8 million yuan of new registered capital of Xinwangda Power with 1.7 billion yuan in cash, corresponding to 5.34% of the shares after the completion of the capital increase. After the
transaction landed, millet became the third largest shareholder of Xinwangda Power, ranking behind Xinwangda Huizhou New Energy (22.78%) and Ideal System (11.17% in total). The entry of millet car is also after the ideal car, Xinwangda power at the same time bound the two most concerned new forces in China.
In July and September, Sunshine Power Supply , Tianqi Lithium Industry and Ideal Automobile have announced their investment in Xinwangda.
At the launch of Millet Longjia Battery in September this year, Xinwangda Power has been officially announced as the core battery supplier of Millet Automobile and China Innovation Airlines to jointly support Pengcheng series models.
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