SHENZHEN, China, July 9, 2024
/PRNewswire/ -- BAIYU Holdings, Inc. ("BAIYU" or the "Company")
(Nasdaq: BYU), a leading B2B bulk commodity e-commerce platform and
supply chain service provider, today announced that on June 14, 2024, the Company, through its wholly
owned subsidiary Legend Investment Holdings Co. Limited, completed
the acquisition (the "Acquisition") of majority stake in Electra
New Energy Vehicle Inc ("ENEV"), a
U.S.-registered company based in Los
Angeles specializing in the new energy vehicle ("NEV")
sector.
Following the closing of the Acquisition, BAIYU now holds a
controlling interest of 60% in ENEV. The Acquisition aligns
with BAIYU's comprehensive growth strategy, aiming to substantially
enhance its footprint in the new energy sector and strengthen its
global presence in NEVs through this strategic transaction.
Ms. Renmei Ouyang, Chief
Executive Officer of the Company, commented, "This transaction
opens a new chapter filled with challenges and opportunities for
both parties. We believe that through the Acquisition, by fully
exploiting each party's unique strengths and integrating respective
advantages in technology, supply chain resources and market
potentials between China and the
U.S., ENEV is well poised to tell an outstanding and distinguished
story in the global NEW market. We are eager to deliver more
long-term value with remarkable and sustainable growth for our
shareholders and stakeholders."
About BAIYU Holdings, Inc.
BAIYU Holdings, Inc. (NASDAQ: BYU) is a leading B2B bulk
commodity e-commerce platform and supply chain service provider.
Currently, the Company is focused on expanding its new business in
photovoltaic, energy storage power, and fast-charging power
stations, along with services for the new energy industry. The
Company's business involves investing in fast-charging power
stations, commercial power stations, and offering integrated new
energy solutions and operations that encompass photovoltaic, energy
storage, and fast-charging power stations. It offers comprehensive
solutions and operations for global new energy storage systems and
specialized sectors. With a central focus on new energy and an
orientation towards integrated power systems, the Company is
dedicated to fields like clean energy, smart power, intelligent
photovoltaic, and the operation and maintenance of fast-charging
station outlets. For more information, please visit
www.baiyuglobal.com.
Forward-Looking Statements
Certain statements in this announcement are forward-looking
statements. These forward-looking statements involve known and
unknown risks and uncertainties and are based on the Company's
current expectations and projections about future events that the
Company believes may affect its financial condition, results of
operations, business strategy and financial needs. Investors can
identify these forward-looking statements by words or phrases such
as "approximates," "assesses," "believes," "hopes," "expects,"
"anticipates," "estimates," "projects," "intends," "plans," "will,"
"would," "should," "could," "may" or similar expressions. The
Company undertakes no obligation to update or revise publicly any
forward-looking statements to reflect subsequent occurring events
or circumstances, or changes in its expectations, except as may be
required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that such expectations will turn
out to be correct, and the Company cautions investors that actual
results may differ materially from the anticipated results and
encourages investors to review other factors that may affect its
future results in the Company's registration statement and other
filings with the U.S. Securities and Exchange Commission.
For more information, please contact:
BAIYU Holdings, Inc.
Investor Relations Department
Email: ir@baiyuglobal.com
Ascent Investor Relations LLC
Tina Xiao
President
Phone: +1-646-932-7242
Email: investors@ascent-ir.com
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SOURCE BAIYU Holdings, Inc.
