Yuanxiang New Materials has established a new subsidiary, including battery manufacturing business.

According to the Qichacha APP, recently, Yuanxiang New Materials Technology Co., Ltd. was established with a registered capital of 50 million yuan. Its business scope includes: research and development of mechanical equipment; sales of mechanical equipment; battery manufacturing; battery sales; and technology import and export, etc. Equity penetration data from Qichacha shows that the company is wholly owned by Yuanxiang New Material.