Baota Industry successfully acquired Ningxia Electric Power Investment New Energy and transformed into a new energy enterprise

Baota Industry announced on October 31 that its plan to acquire Ningxia Electric Power Investment New Energy has been approved by the board of directors, with a total transaction amount of 1.071 billion yuan. The transaction includes Baota Industry's acquisition of 100% of the equity of Ningxia Electric Power Investment New Energy Co., Ltd. held by Ningxia Electric Power Investment Group Co., Ltd., and Baota Industry will also sell all its assets except retained assets. Ningxia Electric Power Investment New Energy is mainly engaged in the investment, development and operation management of photovoltaic power generation, wind power generation and energy storage power station projects. The current scale of photovoltaic and wind power generation connected to the grid is about 780MW, and the scale of energy storage power stations is 200MW/400MWh. After this transaction, Baota Industry's main business will change from the production and sales of bearings and marine electrical appliances to the investment, development and operation of wind power, photovoltaic and energy storage power stations, as well as the production and sales of marine electrical appliances.