Recently, some media reported that the Volkswagen Group will acquire 20 percentage stake in Chinese electric car battery maker China Xuan Tech Co., Ltd., to accelerate its electrification efforts in the world’s largest auto market.
This will be the first time the public has a direct stake in a Chinese battery manufacturer. The company is trying to achieve the 2025 target to sell 1.5 million new energy vehicles a year in China.
According to sources, the public in the next few weeks to acquire shares listed in Shenzhen, China Xuan car discount by way of private equity placement. Tower Tech is currently calculated according to national market capitalization of $ 2.8 billion, 20 percent stake worth about $ 560 million. If the transaction is completed, the public will become the second largest shareholder of Tower Tech.
According to public information, China Xuan Tech is one of the earliest in the new energy automotive power lithium-ion battery (Group) independent research and development, production and marketing enterprises. Products comprising a lithium-ion battery products, single lithium-ion battery (cell), the power lithium battery cathode materials. Its main business is divided into power transmission and distribution equipment lithium batteries and two plates.