Kern SHARES terminate acquisition of 87 % equity of Zhuo Neng New Energy

Kern shares(002012) disclosed the progress of major asset restructuring on the evening of April 26. The company originally planned to issue shares and pay cash to purchase a limited 87.58 % stake in Zhuo Neng New Energy, and raised supporting funds. Now, due to changes in the external environment such as industry policies and securities markets, the company and the other party to the transaction can not reach an agreement on the adjustment of the asset valuation and pricing plan of the targeted company and decide to terminate this major asset reorganization.

On the same day, Kern SHARES disclosed a quarterly report. The company's net profit in the first quarter of this year was 5,463,800 yuan, a decrease of 68 % year-on-year.

According to the data, the main business of Zhuo Neng New Energy is the research and development, production and sales of 1,8650 cylindrical lithium-ion cells, batteries and new energy electric vehicle power supply systems. As an established digital battery company in southern China, Zhuoneng New Energy has seized the opportunity of explosive growth in the new energy vehicle market to actively transform and upgrade the power battery production and manufacturing, and has achieved remarkable results, becoming a typical representative of digital transformation power.

It is understood that the fully automatic power battery production line of Zhuo neng, a wholly-owned subsidiary of Zhuo neng new energy, has been put into production steadily, and the power battery business has become an important growth point for Zhuo neng's revenue.

At present, the Guangxi Zhuoneng 5 billion Ants Lithium-ion power battery and 100,000 New Energy Vehicle Power System Industrialization Project(Phase I), as well as the construction of the PACK production line for automotive batteries, are rapidly advancing, and the power battery production capacity has been fully released. We have successfully transformed and upgraded from a traditional digital battery to a high-end power battery.

The page contains the contents of the machine translation.