Yicheng New Energy completes asset restructuring in 2024

Henan Yicheng New Energy (SZSE:300080) successfully completed its major asset restructuring in 2024, according to Zhongyuan Securities' continuing supervision opinion. The transaction involved Yicheng New Energy selling its 80.20% stake in Pingmei Longji to China Pingmei Shenma for CNY 874,190,798.55 and acquiring Pingmei Longji's 100% stake in Pingmei Photovoltaic for CNY 38,367,558.45. By November 2024, both the asset transfer and payment were completed. Post-restructuring, Yicheng New Energy no longer holds equity in Pingmei Longji but owns 100% of Pingmei Photovoltaic. For 2024, Yicheng New Energy reported revenues of CNY 3.422 billion, a significant decrease due to the divestiture and reduced battery sales. The company’s net assets were valued at CNY 5.383 billion.