Recently, Camel shares signed the cooperation framework agreement with Xinjiang Renewable Resources Group Co., Ltd., Toksun Longyuan Investment Construction Co., Ltd. and target companies, agreed to improve capital 102 million yuan by the company to the target company. After the completion of the capital increase, the company holds 51% stake in the target company. At the same time, the target company will set up a wholly owned subsidiary engaged in battery production business.
The target company is Turpan Dingxin regeneration resources environmental protection science and technology Co., Ltd., operating range of used batteries, lead slag, lead mud and lead waste recycling use, sales and so on. As of the signing date of the framework agreement, the target company registered capital of 50 million yuan, paid in capital of 25 million yuan. After the completion of the capital increase, the registered capital of the target company is 200 million yuan, the actual income of 51.0204 million yuan. As of May 31, 2016, the total assets of the 437.77 without the audit was 24.3777 yuan, net assets of 24.3977 yuan, operating income of 0 yuan, net profit of 0 yuan.
The investment is the strategic initiativest that Camel company improve the lead-acid battery production recovery cycle, to expand the company's battery production business.