Aotecar to acquire Sino-Power Science

Aotecar announced on 1 August that the company will acquire 100% stocks of Shenzhen Sino-Power Science Technology Co.Asian Metal CopyrightAotecar announced on 1 August that the company will acquire 100% stocks of Shenzhen Sino-Power Science Technology Co.Asian Metal Copyright, LTD.Asian Metal Copyright The company will positively develop car by-directional charger, car by-directional DCDC and other power products for new-energy vehicles in the future.Asian Metal Copyright (hereinafter referred to as Sino-Power Science) held by Ren Zhaohua, Ren Shaoqing and Xinyu Sino-Power, by equity issue and cash payment, with the initial transaction price of RMB728 million, 60% of which will be paid by issuing shares with the value of RMB437 million and 40% of which will be paid by cash with the amount of RMB291 million.

At the same time, Aotecar will issue stock raising supporting funds to 10 appointed investors at most with the total amount of less than RMB437 million, which should be no more than 20% (equals to 626 million shares) of the listed company's equity gained before this deal. The supporting funds raised will be used for all cash payment of the deal, construction of car by-directional power production line and establishment of new-energy passenger vehicle power R&D center.

Sino-Power Science specializes in products with power electronics bi-directional technology, which are mainly applied in charge-discharge equipment and testing equipment of lithium batteries. The company will positively develop car by-directional charger, car by-directional DC/DC and other power products for new-energy vehicles in the future.

.Asian Metal Copyright At the same time, Aotecar will issue stock raising supporting funds to 10 appointed investors at most with the total amount of less than RMB437 million, which should be no more than 20% equals to 626 million shares of the listed company's equity gained before this dealAsian Metal Copyright