Henan Yicheng New Energy boosts stake in Kaifeng Times

Henan Yicheng New Energy Co., Ltd. (Yicheng New Energy) is set to acquire a 7.6923% equity stake in Kaifeng Times New Energy Technology Co., Ltd. (Kaifeng Times) for 1,000 million yuan. This acquisition will bring Yicheng New Energy's total ownership in Kaifeng Times to 46.1538%. The transaction is funded by Yicheng New Energy's own capital.

According to an asset valuation report, as of July 31, 2025, Kaifeng Times' total shareholder equity was valued at 17,516.55 million yuan, an increase of 2,002.87 million yuan (12.91%) over its book value of 15,513.68 million yuan. For the first seven months of 2025, Kaifeng Times reported operating revenue of 32,066,608.09 yuan and a net loss of 13,431,150.54 yuan.

The acquisition price includes 1,000 million yuan for the equity and an additional 660,000 yuan for Kaifeng Times' current period earnings owed to Dengfeng Songji as of the valuation base date, totaling 1,066 million yuan. The transaction aligns with Yicheng New Energy's "strong main business" development strategy, aiming to create synergies in technology, market, and resources, thereby enhancing its core competitiveness and profitability in the new energy industry.