Tesson New Energy Co., Ltd. announced that it has entered into the Capital Increase Agreement for gross proceeds of CNY 600 million on October 9, 2022. The transaction will included participation from new investor, Dalian CBAK Power Battery Co. Ltd. for CNY 100 million to hold 9.09% and retaining investor Nanfang Black Sesame Group Co., Ltd. for CNY 500 million to hold 59.09% stake in the company.

Immediately upon completion of transaction, the company will cease to a subsidiary of Tesson New Energy (Shenzhen) Limited and its shareholding will decrease from 68.8% to approximately 31.3%. The new investor will also invest CNY 100 million for the Capital Increase in the form of intellectual property including trademark and battery manufacturing technology to acquire 9.1% stake in the company. The transaction has been approved 9th extraordinary meeting of the 10th board of directors and still needs aproval by the shareholders' meeting of the Company