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Global Internet of People, Inc. ("SDH" or the "Company") (NASDAQ:SDH), an operator of a knowledge sharing and enterprise service platform, today announced that its wholly-owned subsidiary, Zhuhai (Zibo) Investment Co., Ltd. ("Zhuhai"), has entered into an investment agreement (the "Agreement") with the following parties to form a joint venture (the "JV") dedicated to the production of high-grade lithium-ion power battery anode materials.
The Agreement and related transactions were approved by SDH's shareholders at an extraordinary general meeting of shareholders held on April 1, 2022. Pursuant to the Agreement, Zhuhai will own 51% equity interest in the JV, and Huiyang, Shenhe, Yilong Investment, Guangyao and Fuhe will own a stake of 12.50%, 12.50%, 4%, 10% and 5% in the JV, respectively. The eight individual shareholders of the JV together will own an aggregated 5% equity interest in the JV.
The JV will be established in the New Materials Industrial Park of Yilong District, Xingyi City of Guizhou Province, with a total investment amount of up to RMB620 million ($98.13 million) and a total land area of approximately 266,800 square meters, for the production of high-grade lithium-iron power battery anode materials. Construction of the production facilities at the site is expected to be completed within 15 months after the JV obtains regulatory approvals for the construction of the production facilities.
Pursuant to the Agreement, Zhuhai shall be responsible for the operation of the JV, with the assistance and support of other shareholders. Yilong Investment is obliged to use reasonable efforts to obtain, on behalf of the JV, national-level tax incentives and favorable government treatments, and will coordinate with local financial institutions to provide financing to the JV. Yilong Investment shall also ensure that the production facilities have enough power supply in the form of clean energy, and will assist the JV in obtaining the required regulatory approvals for the construction and operation of the production facilities.
Mr. Haiping Hu, CEO and Chairman of SDH commented, "The rapid development of new energy vehicles and batteries around the world has led to a huge demand for lithium-ion batteries. In China, clean energy industry has received strong support from governments at both national and local levels as China aims to reach carbon emission peak by 2030 and achieve carbon neutrality by 2060. This joint venture solidifies SDH's strategic partnership with local governments, industrial leaders and experienced new energy materials technology experts. Personally I have extensive experience in the production of anode materials for lithium-ion batteries. In 1999, I founded and became the first general manager of Shanghai Shanshan Technology Co., Ltd. ("Shanshan Technology"), which was the first company in China to produce anode materials for lithium batteries at a large scale. From 2004 to 2018, I served as the chief executive officer and vice chairman of Shanshan Holdings Co., Ltd, which is the parent company of Shanshan Technology, in charge of lithium battery materials production."
Mr. Hu continued, "We believe that the clean energy industry in general and the production of lithium-iron power battery anode materials have significant growth potential. We are excited about this opportunity and are confident that our joint venture has the potential to create great returns for our partners and stakeholders."
Posted In: SDH
