· Changyuan Group intends to wholly acquire Wattage Battery Company

On September 30, Changyuan Group (600525.SH) announced that since the suspension of trading on August 4, 2015, the acquisition of major assets restructuring involving Shenzhen Waterma has been on October 4, and the application for suspension is not exceeded. One month.
According to the latest announcement of Changyuan Group on September 30, the counterparty of this major asset restructuring is Shenzhen Waterma Battery Co., Ltd. (except all shareholders of the company's wholly-owned subsidiary Lhasa Changyuan Yingjia Investment Co., Ltd.). The target of the reorganization is to purchase 88.8889% of the shares of Shenzhen Waterma Battery Co., Ltd. through the issuance of shares.
Founded in 2002, Waterma has a registered capital of nearly 60 million yuan. It is the first domestic solution to successfully develop lithium iron phosphate new energy vehicle power battery, car start power, communication base station backup power, wind energy storage and home energy storage battery system. And one of the first lithium iron phosphate battery enterprises to achieve large-scale production and batch application, with independent intellectual property rights, the main technical indicators are at the international leading level. The main product is the 32650 lithium iron phosphate battery. The total number of passenger cars equipped with energy-saving and new energy is nearly 13,000.
Waterma Battery Group was founded in 2002 and is headquartered in Shenzhen. According to the announcement of the former Changyuan Group, as of October 31, 2014, Waterma had total assets of 1.17 billion yuan and net assets of 7954. Ten thousand yuan, net profit is 29,326,500 yuan (unaudited). In December 2014, Changyuan Group increased its capital of Shenzhen Waterma by RMB 100 million in exchange for a 11.11% stake in Waterma. If calculated according to this, the total valuation of Waterma is nearly 800 million yuan.
According to the announcement, since the reorganization of the Changyuan Group on August 4, the specific restructuring plan for Shenzhen Waterma is still under discussion and communication, so the relevant restructuring agreement has not yet been signed. Due to the large number of matters involved in this major asset restructuring, the due diligence and auditing and evaluation procedures of related assets were complicated and failed to resume trading before October 4, 2015 as originally planned.
Recently, Waterma has been involved in many mixed and electric bus fires. The quality of batteries and vehicles is often questioned by all walks of life, but battery and vehicle manufacturers believe that if the operator cannot maintain the battery operation, it is inevitable that the accident will occur. In the fire of the Shenzhen 4.26 electric bus, the official investigation team found that the battery management system control strategy is flawed, the charging system is not perfect, the monitoring data is not taken seriously, and the car-charger--background monitoring lacks the system. The safety protection design is the cause of this accident.
An observer close to Wattmar Battery Co., Ltd. said that Wattma attaches great importance to the safety of the power battery. On the battery side, "there is a pull-off design and an open design, and a fuse is added outside. The Bitsra fuse is made. Fortunately." In the design of the battery pack, Waterma is also constantly improving. From early non-seal design to fully sealed design, and adequate protection in thermal field design, physical fixation and so on. In some fire incidents, the power battery has been over-guaranteed, but the car company or the bus company has not been renewed and maintained, and the responsibility of the battery company cannot be extended indefinitely.
A domestic power battery expert believes that since the promotion of energy-saving and new energy vehicles, there is indeed a phenomenon that core technologies need to be matured. He suggested that battery companies, vehicle manufacturers and operating companies should join hands to sum up experience and design and test core components together to ensure that hybrid and electric vehicles are safe and worry-free.

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