Yongxing Materials and other companies established an energy development company including a battery manufacturing business.

The Qichacha app shows that recently, Zhejiang Ruiyong Nengxing Energy Development Co., Ltd. was established, with Huang He as the legal representative and a registered capital of 61.22 million yuan. Its business scope includes: intelligent control system integration; data processing services; machinery and equipment sales; energy storage technology services; battery manufacturing; battery sales; information system integration services, etc. Qichacha's equity penetration shows that the company is jointly held by Beijing Ruineng Century Technology Co., Ltd. and Yongxing Materials' subsidiary Huzhou Yongxing Investment Co., Ltd.