Tianjin TEDA CO., Ltd. plans to increase capital by 22.5 million yuan to its subsidiary to establish a joint venture company to engage in waste battery recycling business

According to the Zhitong Finance APP, Tianjin TEDA CO., Ltd. (000652.SZ) announced that the company plans to increase its investment in its wholly-owned subsidiary Tianjin TEDA Carbon Asset Management Co., Ltd. (referred to as "TEDA Carbon Asset Management") by RMB 22.5 million. TEDA Carbon Asset Management will jointly establish a joint venture company, Tianjin Bangpu TEDA Recycling Technology Co., Ltd. (tentative name, subject to business registration, referred to as "Bangpu TEDA" or "joint venture company"), with Guangdong Bangpu Supply Chain Management Co., Ltd. (referred to as "Bangpu Supply Chain"), to develop the recycling business of waste batteries in the Beijing-Tianjin-Hebei region. The registered capital of Bangpu TEDA is RMB 50 million, of which TEDA Carbon Asset Management will contribute RMB 22.5 million in cash, accounting for 45% of the registered capital; Bangpu Supply Chain will contribute RMB 27.5 million in cash, accounting for 55% of the registered capital. The establishment of the joint venture company is subject to approval by the State Administration for Market Regulation after passing the antitrust declaration.

In order to implement the "dual carbon" strategy, promote the development of the circular economy, and seize the opportunity for cooperation with leading enterprises, the company plans to establish a joint venture to carry out the recycling business of waste batteries, increase new profit growth points, and expand new energy projects, which aligns with the company's development strategy and main business direction