On December 13, Ge Longhui Electric (688187.SH) announced that in order to effectively promote the sustainable and healthy development of the NEV electric drive industry and build the core advantage of the NEV “devices+components+systems” industry chain, Times Electric plans to acquire 100% of the shares of Hunan CRRC Commercial Vehicle Power Technology Co., Ltd. held by relevant shareholders through its own cash. After the transaction is completed, the target company is a wholly-owned subsidiary of the company, which is included in the scope of the company's consolidated statements.

Hunan CRRC Commercial Vehicle Power Technology Co., Ltd.'s main business is the R&D and manufacture of high-end electric drives for new energy commercial vehicles. The products cover new energy commercial vehicle motors, electronic controls, fuel cell DC/DC and other vehicle conversion equipment. It does not involve R&D and manufacturing of new energy vehicles and batteries. Hunan CRRC Commercial Vehicle Power Technology Co., Ltd. has a complete product spectrum and has established three major electric drive platforms for buses, light trucks, and heavy trucks. It can provide a full range of products covering components (control board, driving board, fixed rotor, etc.), components (single motor, single electronic control), and systems (three-in-one, electric drive axle, etc.).

The transaction is priced at assessed net assets, and the transaction amount is RMB 106.925 million. (1) Acquisition of 48.7919% of CRRC Commercial Vehicle Dynamics shares held by CRRC Zhuzhou, with a transaction amount of 52,170,752.88 yuan; (2) acquisition of 16.2081% of CRRC Commercial Vehicle Power shares held by CRRC Electric in Xiangyang, with a transaction amount of 17,330,515.51 yuan; (3) Acquisition of 35% of CRRC Commercial Vehicle Dynamics shares held by CRRC Electric, with a transaction amount of 37,423,759.90 yuan.