Congratulations! Chengxin Lithium's Introduction of Strategic Investor BYD's Non-Public Offering Project Passes the Review Meeting Successfully
Release time:
2022-11-08
On October 31, 2022, Chengxin Lithium's non-public offering of shares was approved by the China Securities Regulatory Commission. The private offering has brought in BYD as a strategic investor, raising up to 23 billion yuan, fully subscribed by BYD. All the funds raised will be utilized for replenishing liquidity and repaying debts.
As a leader in the global new energy vehicle industry, BYD possesses world-leading battery, motor, electronic control, and vehicle core technologies and holds a significant market share in new energy vehicles. The introduction of BYD as a strategic investor will facilitate further collaboration between the two parties in areas such as raw material procurement, sales and processing; technical cooperation and exchange; cooperative development of mineral resources; and coordination of industrial chain resources to achieve resource sharing and complementary advantages.
Against the backdrop of "Carbon Peak" and "Carbon Neutrality," major economies worldwide are actively promoting green transformation. This vigorous development within the new energy vehicle industry is driving rapid growth in energy storage demand, propelling the lithium battery and lithium new energy materials industry into a fast lane of development. Upon completion of this non-public offering fundraising process, it can supplement the working capital required for business expansion while enhancing financial strength and risk management capabilities. This will aid in optimizing business layout, financial capabilities, talent acquisition efforts while enabling seizing opportunities for rapid advancement within the lithium battery new energy industry to accelerate realization of our strategic goal to become a global leader in lithium battery new energy materials.
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