According to Zhitong Finance App, Hongqiao Group (08137) issued an announcement to conclude a non-legally binding strategic cooperation agreement with Zhejiang Xinjiao New Energy Vehicle Co., Ltd. (Xinjio) on January 27, 2021. According to the strategic cooperation agreement, in order to purchase the company's lithium-ion power batteries, Xingeo will make technical connections with the company's technical team to develop a special battery module. After product technology integration is completed, Xinzio proposes a demand plan every year and procures from the company under the same priority.