The Economic Information Agency reported on the 24th that China Xuyang Group (01907) announced it has entered into a capital increase agreement with Xiangfu New Energy, in which the group holds approximately 63.3% and Xuyang Holding, wholly owned by the company's controlling shareholder, executive director, CEO and chairman Yang Xuegang and his spouse Lu Xiaomei, holds 36.7%. The group will inject 507 million yuan, increasing its equity stake in Xiangfu New Energy to approximately 70.14%.
The group stated that Xuyang Holding's equity stake in Xiangfu New Energy will decrease to 29.86%. Xiangfu New Energy primarily engages in artificial graphite anode materials, with plans to construct a 100,000-ton anode material project, a 200,000-ton integrated anode material project, and an integrated source-grid-load-storage project. As of the assessment reference date, an integrated capacity of 80,000 tons has been completed, and the company incurred a loss of 29.7 million yuan last year. The group noted that the capital increase will supplement Xiangfu New Energy's registered capital, supporting its rapid capacity expansion. (wh)
The group stated that Xuyang Holding's equity stake in Xiangfu New Energy will decrease to 29.86%. Xiangfu New Energy primarily engages in artificial graphite anode materials, with plans to construct a 100,000-ton anode material project, a 200,000-ton integrated anode material project, and an integrated source-grid-load-storage project. As of the assessment reference date, an integrated capacity of 80,000 tons has been completed, and the company incurred a loss of 29.7 million yuan last year. The group noted that the capital increase will supplement Xiangfu New Energy's registered capital, supporting its rapid capacity expansion. (wh)
