On July 24, Xinwangda Electronics Co., Ltd. held the 29th meeting of the sixth board of directors, deliberated and approved the proposal of capital increase and share expansion of its subsidiary Xinwangda Power, and agreed to introduce Sunshine Power and Tianqi Lithium Industry (Shehong) Co., Ltd. as strategic investors.
The two investors contributed a total of RMB805 million to subscribe for the newly-increased registered capital of Xinwangda Power of RMB425,137,170, corresponding to a total of 2.93% of the shares after the completion of this capital increase. After the completion of this
capital increase, the shareholding ratio of Xinwangda Huizhou New Energy Co., Ltd. was changed from 27.18% to 26.38%.
Xinwangda said that the company still has control over the management activities of Xinwangda Power.
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