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Hozon Auto obtains RMB 1.25 billion from Zhihe Travel
Biwen Wang From Gasgoo| December 22 , 2017

Hozon NEV automaker, China auto market

Shanghai (Gasgoo)- Zhejiang Hozon Auto got an investment of RMB 1.25 billion from Zhihe Travel and consequently Zhihe Travel became the largest shareholder of Hozon New Energy.

Established in Tongxiang, Zhejiang province in 2014, Hozon was co-founded by Beijing Sinohytec Co. Ltd. and Zhejiang Yangtze Delta Region Institute of Tsinghua University with a registered capital of nearly RMB 630 million. Hozon got approval for BEV construction project with an annual capacity of 50,000 units from NDRC on April, 19th, 2017, and therefore it became the 13th company obtaining New Energy production certificate.

It’s learned that Beijing Sinohytec is a company listed in NEEQ market mainly engaging in fuel-oiled power battery business. Hozon’s another shareholder Yangtze Delta Region Institute of Tsinghua University is an institute co-established by Zhejiang provincial government and Tsinghua University.

With the increasing investments in NEV industry from the nation, local governments are actively engaging in the business. Tongxiang Zhonghe NEV Industrial Investment Company, owning a stake of 75% in Hozon Auto with RMB 300 million, is just an investment organization set for NEV business by Tongxiang municipal government. Previously, Wang Wenxue, Board Chairman of China Fortune Land Development Co. Ltd., invested RMB 330 million by himself to purchase 53.4% shares of Hozon New Energy and controlled 100% shares of Lasa Zhixing Innovative Science and Technology Co. Ltd., which is the largest shareholder of Hozon New Energy.

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