Beijing WKW Automotive Parts (002662.SZ) plans to set up a new Peak Energy Technology company to operate its lithium battery-related business.

Beijing WKW Automotive Parts (002662.SZ) announced that they intend to invest in establishing a wholly-owned subsidiary, Beijing Feng Energy Technology Co., Ltd. (hereinafter referred to as "Beijing Feng Energy Technology"), with a 100% ownership. At the same time, they plan to establish a subsidiary, Qinhuangdao Feng Energy Technology Co., Ltd. (hereinafter referred to as "Qinhuangdao Feng Energy Technology"), in Qinhuangdao, with both companies collectively referred to as "Feng Energy Technology" (names are subject to final registration by the competent market supervision department). The establishment of Feng Energy Technology is a decision based on the company's long-term strategic development plan and the needs of the company's industrial layout. The lithium battery related business will be operated by Feng Energy Technology, making the company's business sector planning more clear and facilitating the rapid development of related industries.