On the evening of October 24, Aoyang Shunchang (002245) announced that its controlling subsidiary, Jiangsu Luwei Lithium Energy Co., Ltd. ("Jiangsu Luwei"), plans to use 195 million yuan in its own funds to increase the capital of its wholly-owned subsidiary, Jiangsu Tianpeng Power Co., Ltd. ("Tianpeng Power"). The capital increase will raise Tianpeng Power's registered capital by 195 million yuan, bringing it to a total of 30,000 million yuan.
The relevant capital increase agreement has not yet been signed, and the company’s management has been authorized to handle all related documents and procedures.
Tianpeng Power is a wholly-owned subsidiary of Jiangsu Luwei and operates as a high-tech enterprise focused on the R&D, production, and sales of ternary power lithium-ion batteries. As one of the early domestic manufacturers of ternary lithium-ion batteries for power tools, it has accumulated over 10 years of experience in R&D and manufacturing of cylindrical lithium batteries. The company possesses advanced production lines and significant production capacity in cylindrical power lithium batteries, placing it at the forefront of the industry for tool-type power batteries.
Since 2013, Jiangsu Tianpeng has expanded into the automotive power battery sector, with several models selected by major companies. In June 2016, the company was included in the Ministry of Industry and Information Technology’s "Standards for Automotive Power Battery Enterprises," marking a significant milestone in its automotive battery development. With the gradual implementation of top-tier automated production lines both domestically and internationally, Tianpeng Power’s competitive edge in lithium battery technology is expected to grow further.
Aoyang Shunchang noted that since Jiangsu Luwei’s lithium battery business is primarily managed through Tianpeng Power, the subsidiary has earned strong customer recognition over nearly a decade. Most of the key qualifications and certifications for the lithium battery business are conducted under Tianpeng Power’s name. Given that the original registered capital of Tianpeng Power was only 105 million yuan, and the company is currently expanding its daily production capacity to 1 million lithium battery units, the capital increase is crucial for supporting its power lithium battery projects, enhancing its corporate image, and strengthening its overall lithium battery operations.
In addition to this significant investment in lithium batteries, Aoyang Shunchang has also made substantial investments in the LED sector this year. On August 7, the company announced that its subsidiary, Huai'an Aoyang Shunchang Optoelectronic Technology Co., Ltd. ("Huai'an Optoelectronics"), plans to expand its production of LED epitaxial wafers and chips. This expansion aims to increase annual output to 16.5 million units (equivalent to two pieces).
The project involves an annual output of 12 million epitaxial wafers and chips, with a total investment of approximately 1.7 billion yuan. Construction will be carried out using existing facilities from the Phase II LED project, adding 4.5 million units of production capacity by the end of 2017, and another 7.5 million units within the next two years. Once completed, the company will have an annual output of 16.5 million units of epitaxial wafers and chips.
On March 23, Aoyang Shunchang announced that Huai'an Optoelectronics plans to increase its registered capital by 40.13 million yuan. To support local LED industry growth, the local government, through Qinghe Development, subscribed to 30 million yuan of the new capital, with the remaining 269.87 million yuan entering the capital reserve. All original shareholders waived their rights to subscribe to the new shares.
The capital increase agreement was signed on March 23, 2017. Huai'an Optoelectronics serves as the core entity for the company’s LED chip R&D, production, and sales. The expansion is expected to significantly boost its production capacity in 2017, requiring substantial new capital investment.
This capital injection from Qinghe Development aims to support the rapid growth of the local LED industry and strengthen local enterprises. Through this move, Huai'an Optoelectronics has improved its capital structure and enhanced its financial resources, which is beneficial for the continued expansion and development of its LED business.
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