Corun Peve Automotive Battery Co., Ltd announced a private placement of common shares for gross proceeds of ¥10,660,000,000 on January 23, 2019. The transaction will include participation from the returning investors, Hunan Corun New Energy Co., Ltd. (SHSE:600478) for ¥4,264,000,000; ¥2,136,000,000 and ¥2,128,000,000 in its third and fourth installments respectively to retain it 40% stake in the company, and rest ¥6,396,000,000 from Changshu Xinzhongyuan Investment Co., Ltd. to retain its 10% stake in the company, Toyota Tsusho Corporation (TSE:8015) to retain its 4% stake in the company, Primearth EV Energy Co., Ltd. to retain its 41% stake in the company, and Toyota Motor (China) Investment Co., Ltd. to retain its 5% stake in the company. The board of directors of Hunan Corun New Energy Co., Ltd. (SHSE:600478) has approved the transaction in its 23rd meeting of the 6th directorate. The company's registered capital will increase from ¥10,880,000,000 to ¥21,540,000,000.

As of March 5, 2019, the transaction has been approved at Hunan Corun New Energy Co., Ltd. (SHSE:600478) 1st extraordinary shareholder's meeting.