Shenzhen Inovance Technology Co., Ltd.'s subsidiary launches IPO plan

Shenzhen Stock Exchange has officially accepted the initial public offering application of Suzhou Inovance United Power Systems Co., Ltd., a holding subsidiary of Shenzhen Inovance Technology Co., Ltd. The IPO plans to raise approximately RMB 4.857 billion, part of which will be used for the production and construction of core components for new energy vehicles. Since 2016, Inovance United Power has been committed to becoming a world-leading provider of intelligent electric vehicle components and solutions. Its main products include core power system components such as electric drive systems and power systems.