Xilong Scientific Co.Ltd(002584) ( Xilong Scientific Co.Ltd(002584) ) announced on March 28 that in order to expand the company’s business field and closely follow the national new energy and new material industry policy, the company plans to acquire 100% equity of Xintai Yinghe new energy materials Co., Ltd. for RMB 14.3 million. The target company is mainly engaged in the R & D, production and sales of lithium iron phosphate cathode materials.
Xilong Scientific Co.Ltd(002584) said that the market demand for lithium iron phosphate cathode materials increased rapidly due to the increase in the production and sales of new energy vehicles and the increase in the installed capacity of lithium iron phosphate batteries. Through the acquisition of Yinghe new energy, the company cuts into the subdivided fields of new energy materials such as lithium iron phosphate cathode materials, which can enrich the company’s product structure and better meet the market demand. After the completion of this transaction, Yinghe new energy will be included in the scope of the company’s consolidated statements, which is expected to have a positive impact on the company’s future performance.
