On December 4th, Hubei Xingfa Chemical Group issued an announcement stating that its wholly-owned subsidiary, Hubei Xingshun New Materials Co., Ltd., has signed the "Lithium Iron Phosphate Processing Agreement" with Qinghai FinDreams.
As disclosed in the announcement, leveraging the core advantages of both parties and focusing on the high-quality development of the new energy business, Xingshun New Materials and Qinghai FinDreams have recently reached a consensus through friendly negotiations and signed the aforementioned agreement. Pursuant to the agreement, Qinghai FinDreams entrusts Xingshun New Materials with the processing and production of 80,000 tons per year of lithium iron phosphate products, and shall pay the corresponding processing fees. The agreement has a term of 2 years, which can be automatically renewed for 1 year upon mutual consent of both parties.
Public records show that Qinghai FinDreams was established in July 2016 with a registered capital of 100 million yuan. Formerly known as Qinghai BYD Industrial Co., Ltd., it is a wholly-owned subsidiary of FinDreams Battery. FinDreams Battery, in turn, is a wholly-owned subsidiary of BYD, primarily responsible for the R&D, production, and sales of BYD's power batteries and energy storage batteries.
Source：EnergyTrend
