BRADENTON, Fla., Aug. 27, 2024 /PRNewswire/ -- BAIYU Holdings, Inc. ("BAIYU" or the "Company") (Nasdaq: BYU), a leading B2B bulk commodity e-commerce platform and supply chain service provider, today announced that the Company, through its wholly owned subsidiary Shenzhen Baiyu Jucheng Data Technology Co., LTD., has entered into a definitive share purchase agreement (the "Agreement") on August 21, 2024 with Shenzhen Jintongyuan Energy Storage Technology Co., Ltd. ("Jintongyuan"), a leading tech enterprise specializing in the R&D and production of high-performance energy storage batteries in China. This acquisition marks a pivotal milestone of the Company's ambitious strategy to expand into the renewable energy storage battery market.
Pursuant to the Agreement, BAIYU agrees to acquire 100% of the equity interest of Jintongyuan for a total cash consideration of RMB750 million (approximate US$105 million), payable in installments. The transaction contemplated by the Agreement has been approved by the Company's board of directors with the expected closing to occur in or around September 2024.
Jintongyuan is mainly engaged in the research and development (R&D), design, operation and maintenance, sales, and follow-up services of energy storage batteries, charging piles and lithium battery products, with a commitment to becoming a leading global energy storage power and lithium battery product operation service provider. Leveraging its advantages and expertise in the safety, reliability, and system integration of energy storage and lithium batteries, Jintongyuan now focuses on a new system integration business model supported by intelligent services, to enhance convenience and comfort for user experience. Currently, its energy storage battery products are mainly used in various large electric power vehicles such as electric trams, golf carts, forklifts, etc.
Jintongyuan currently focuses on the North American market, supported by a dedicated team in R&D, design, operation, maintenance, and sales. It secures orders through a customized sales model, overseeing the entire cycle from initial R&D and design to sales, operation and maintenance. Jintongyuan engages third-party partners for production and installation with customers' consent. Equipped with a robust technical management and control system, as well as an end-to-end system integration business system, Jintongyuan offers customized, all-scenario, and full-lifecycle solutions, including planning consultancy, design optimization, smart customization, intelligent operation and maintenance, and energy management.
Ms. Ouyang Renmei, CEO of BAIYU Holdings, Inc., stated: "The acquisition represents substantial progress in our expansion into the energy storage and lithium battery industries. Our goal is to drive Jintongyuan's growth and profitability through technological innovation and industrial upgrades. For years, we have advocated for global cooperation and competition as essential to achieving sustainable development and a circular economy. This acquisition aligns perfectly with our vision of a growth model centered on reduction, high efficiency, reuse, and recycling – an approach of strategically significance for global environmental optimization and carbon emission reduction. "
About BAIYU Holdings, Inc.
BAIYU Holdings, Inc. (NASDAQ: BYU) is a leading B2B bulk commodity e-commerce platform and supply chain service provider. Currently, the Company is focused on expanding its new business in photovoltaic, energy storage power, and fast-charging power stations, along with services for the new energy industry. The Company's business involves investing in fast-charging power stations, commercial power stations, and offering integrated new energy solutions and operations that encompass photovoltaic, energy storage, and fast-charging power stations. It offers comprehensive solutions and operations for global new energy storage systems and specialized sectors. With a central focus on new energy and an orientation towards integrated power systems, the Company is dedicated to fields like clean energy, smart power, intelligent photovoltaic, and the operation and maintenance of fast-charging station outlets. For more information, please visit www.baiyuglobal.com.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "approximates," "assesses," "believes," "hopes," "expects," "anticipates," "estimates," "projects," "intends," "plans," "will," "would," "should," "could," "may" or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the U.S. Securities and Exchange Commission.
For more information, please contact:
BAIYU Holdings, Inc.
Investor Relations Department
Email: ir@baiyuglobal.com
Ascent Investor Relations LLC
Tina Xiao
President
Phone: +1-646-932-7242
Email: investors@ascent-ir.com
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SOURCE BAIYU Holdings, Inc.
