Shanghai(Gasgoo)-CNNC Hua Yuan Titanium Dioxide Co., Ltd released an announcement on the night of Oct. 11 that it would sign an equity transfer agreement with Hui Jingyuan and other shareholders of Union Energy to purchase 35% shares with RMB 35 million. After the transfer, CNNC Hua Yuan Titanium Dioxide Co., Ltd will become the biggest shareholder of Union Energy.
Union Energy is mainly engaging in the production and sales of liquid phase method lithium iron phosphate and lithium sulfur batteries, with products involving solvothermal lithium iron phosphate battery cathode materials, solvothermal lithium manganese phosphate battery cathode materials and lithium sulfur batteries.
CNNC Hua Yuan Titanium Dioxide Co., Ltd mainly operates in titanium pigment, ferrous sulfate, MPAM, cogeneration, sulfur acid residue, as well as the R&D, production and sales of new products. Its operating revenue and net profit attributable to the shareholders reach RMB 1.634 billion and RMB 235 million respectively in the first half of 2017, growing 75% and 2122% year on year.
CNNC Hua Yuan Titanium Dioxide Co., Ltd states that it will actively promote strategic development plans based on the previous surveys on alternative energy industry, to select lithium as its new business scope by investing in alternative energy companies.
It's also revealed that uncertainties still exist whether the related products could reach mass production since Union Energy has not operated in its main business. Influenced by macroeconomic situation, industry cycle and management on targeted company, the company will also face risks that it could not reach predicted profits.
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