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China Chengtong and CETC signed equity restructuring and transfer agreement

Department of Publicity     2020-09-13         

On September 11, China Chengtong and China Electronics Technology Group Corporation (CETC) held the signing ceremony for equity restructuring and transfer agreement on Tianjin Lishen Battery Joint-Stock Co., Ltd. (Lishen Battery). Xie Jun, Director of Bureau of Planning and Development of the State-owned Assets Supervision and Administration Commission of the State Council (SASAC), Zhu Bixin, Secretary of China Chengtong CPC Committee and Chairman, Tong Laiming, China Chengtong’s Vice President and Dong Xuesi, CETC’s Deputy General Accountant attended the signing ceremony.

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The signing of this equity restructuring and transfer agreement symbolises China Chengtong’s implementation of central SOEs’ development in new energy industry and cultivating strategically-important emerging industry as required by SASAC. China Chengtong has made full use of its state capital operating platform in this agreement to facilitate CETC’s pillar industry development. This restructuring will help further improve state capital structure, and is beneficial to Lishen Battery in terms of deepening its own reform and promoting its continuous sound development. Furthermore, China Chengtong and CETC’s cooperation will be enhanced and both sides could reach win-win outcome through this agreement.

China is the biggest market for new energy vehicles in the world and battery is the key component in the development of new energy cars. Over 22 years’ research and innovation, Lishen Battery has developed into a leading lithium battery manufacture in China with nearly 2,000 authorised patents in leading core technology, and independent intellectual property rights. The restructuring of Lishen Battery will promote central SOEs’ integrated and coordinated development in the upstream and downstream of the new energy industry chain, which is expected to stimulate the R&D momentum and promote a faster and better development of the new energy industry.

Relevant personnel from SASAC’s Bureau of Planning and Development, CETC Lishen, CETC Investment, China Logistics and CCT Fund attended the ceremony.

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