Baiyu To Acquire Shenzhen Jintongyuan For RMB750 Mln

(RTTNews) - Baiyu Holdings, Inc. (BYU), a B2B bulk commodity e-commerce platform, announced on Tuesday that through its wholly owned subsidiary Shenzhen Baiyu Jucheng Data Technology Co., LTD., has a inked a deal with Shenzhen Jintongyuan Energy Storage Technology Co., Ltd., a Chinese maker of high-performance energy storage batteries.

With this, Baiyu will buy Jintongyuan for a cash consideration of RMB 750 million, payable in installments.

The acquisition, to be closed in or around September, aims a pivotal milestone of the acquirer's strategy to expand into the renewable energy storage battery market.

Ouyang Renmei, CEO of Baiyu, said: "The acquisition represents substantial progress in our expansion into the energy storage and lithium battery industries. This acquisition aligns perfectly with our vision of a growth model centered on reduction, high efficiency, reuse, and recycling - an approach of strategically significance for global environmental optimization and carbon emission reduction."