GAC Group sells shares of Juwan Technology Research, expected to increase net profit by 2.26 billion yuan in 2024

GAC Group announced that it will transfer its 15.82% and 3% equity interests in Guangzhou Juwan Technology Research Co., Ltd. at assessed values, totaling approximately RMB 1.331 billion. The move aims to optimize and integrate existing investment assets and improve the efficiency of resource and capital investment. After the transfer is completed, GAC Group will no longer directly hold shares in Juwan Technology Research, but will still indirectly hold 15.6% of its shares through GAC Capital. Juwan Technology Research mainly focuses on the research and development, production, sales and services of XFC ultra-fast power batteries and a new generation of breakthrough energy storage devices and their systems. Although Juwan Technology Research is currently in a loss-making state, its assessed value-added rate is as high as 891.83%. The equity sale is expected to directly increase GAC Group's net profit by RMB 2.26 billion in 2024.