Longpan Technology acquires Shandong Meiduo and enters the field of recycling waste power batteries for new energy vehicles

Longpan Technology recently announced that it will acquire 100% of the equity of Shandong Meiduo Technology Co., Ltd. for RMB 101 million and increase its capital by RMB 50 million after the transaction is completed. After the acquisition, Shandong Meiduo will become a wholly-owned subsidiary of Longpan Technology and will be included in the company's consolidated financial statements. Shandong Meiduo's main business is the recycling and cascade utilization of waste power batteries for new energy vehicles. Longpan Technology said that this acquisition will help it implement its "vertical integration" development strategy, reduce raw material costs, and promote the sustainability and stability of the company's operations.