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.