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5. Camel Group Co., Ltd. Business Report FY ended Dec. 2016

Camel Group Co., Ltd. Business Report FY ended Dec. 2016

New Company

-The Company announced that it will establish a joint venture in Turpan City in the Xinjiang Uighur Autonomous Region with Xinjiang Recycling Resources Group Co., Ltd. and Tuokesun Longyuan Investment Construction Co., Ltd. The new company will be called Camel Xinjiang Storage Battery Co., Ltd. It will be capitalized at CNY 50 million, of which 67% (CNY 33.5 million) will be invested by Camel, 28% (CNY 14 million) will be provided by Xinjiang Recycling Resources, and 5% (CNY 2.5 million) will be invested by Tuokesun Longyuan. The joint venture will develop, produce, and sell batteries and their components. (From an announcement by the company on January 25, 2017)

-The Company announced that Camel Battery Institute Co., Ltd., its subsidiary, will establish a wholly owned subsidiary in Ann Arbor, Michigan, U.S.A. to develop batteries, battery materials, and power sources. The new company will be called Camel Energy Inc., and USD 1 million will be invested. The company will also have an R&D center, a test plant, and a business center. (From an announcement by the company on August 2, 2016)

-The Company announced that it will establish a materials recycling company in Chongqing city to increase its capacity for collecting used lead-acid batteries. The new company will be called Camel Chongping Recycling Co., Ltd., and will be capitalized at CNY 50 million. The facility will be located in the Qijiang Industrial Park District. It will collect, recycle, and sell used batteries, lead slag, lead mud, and lead containing wastes. (From an announcement by the company on August 2, 2016)

-The Company announced that it will establish a wholly owned subsidiary in Chongqing. The new company will be called Camel Chongqing Storage Battery Co., Ltd., and will be capitalized at CNY 50 million. It will mainly produce and sell batteries. (From an announcement by the company on July 6, 2016)

-The Company announced that it will invest an additional CNY 102 million in Tulufan Dingxin Resources Technology Environmental Protection Co., Ltd. After the transaction, Tulufan Dingxin Resources Technology Environmental Protection will be owned 51% by the Camel Group, 44% by the Xinjiang Renewable Resources Group, and 5% by Tuokexun County Longyuan Construction Co., Ltd. Subsequently, Tulufan Dingxin Resources Technology Environmental Protection will establish a new wholly owned subsidiary to produce storage batteries. (From an announcement by the company on June 14, 2016)

Acquisition

-In April 2017, the Company signed an agreement to invest in two companies in Croatia. In accordance with this agreement, it will invest EUR 27 million in an electric vehicle manufacturer Rimac Automobili d.o.o, and EUR 3 million in an electric bicycle manufacturer Greyp Bikes d.o.o., and will acquire preferred shares in these companies. Rimac Automobili is a high-tech company that focuses on development and production of high-performance electric vehicles, drive systems, battery systems, automotive electronics products, and in-vehicle infotainment systems. (From an announcement by the company on April 13, 2017)

-In December 2016, the Company announced that it has signed a basic agreement of understanding to form a strategic partnership with Hubei Jinyang Metallurgical Incorporated Co., Ltd. and its controlling shareholder, Mr. Li Fuyuan. Camel will acquire 57.79% of Hubei Jinyang Metallurgical stake that is owned by Li Fuyuan. It will pay in cash or by issuing new shares. Hubei Jinyang Metallurgical carries out recycling of resources and lead-acid batteries, and is one of China's largest suppliers of reproduced lead and lead-alloy materials. The company is capable of recycling 300,000 tons of lead-acid batteries, and producing 250,000 tons of lead and lead alloy, per year. (From an announcement by the company on December 8, 2016)

-In June 2016, the Company and SC Uzavtosanoat of Uzbekistan signed a basic agreement setting the framework under which Camel will acquire over 51% of SC Djizak Battery Plant shares owned by SC Uzavtosanoat. SC Djizak Battery Plant, capitalized at USD 29 million, manufactures storage batteries for automobiles. It produces 604,000 units of storage batteries per year, and generated USD 28 million in sales in 2015. (From an announcement by the company on June 24, 2016)

Strategic Cooperation

-In January 2017, the Company and Shandong Tangjun Ouling Automobile Manufacture Co., Ltd. signed a basic agreement setting the framework to form a strategic partnership in the area of new energy vehicles. Camel will supply lithium-ion batteries, motors, and electronic control components to Shandong Tangjun Ouling. The collaboration may also include joint development of batteries and motors by the two companies. Shandong Tangjun Ouling is located in the Zichuan Economy and Development Zone, Zibo city, Shandong Province. It mainly develops, manufactures, and sells trucks, farm vehicles, special purpose vehicles, and their components. In addition, the company was one of the first companies in China to design, produce, and sell new energy vehicles, as well as electric vehicles for commercial use and special purposes. Currently, the company is capable of assembling 100,000 vehicles per year. (From an announcement by the company on February 21, 2017)

-In December 2016, Camel New Energy Battery Co., Ltd., a wholly owned subsidiary of the Company., announced that it has signed a long-term, comprehensive agreement with China Sky Electric Vehicle Company Limited to form a strategic alliance and collaborate on the procurement of lithium-ion batteries. In accordance with this agreement, China Sky Electric Vehicle will supply a total of 800 million Wh lithium-ion batteries to Camel New Energy Battery over the next two years. (From an announcement by the company on December 13, 2016)

-The Company and Zhongfu Huimin Industrial Development Co., Ltd. signed a strategic partnership agreement on October 17, 2016. The two companies will develop strong ties in the area of new energy vehicles by fully collaborating on introducing electric vehicles for distribution services and establishing charging systems for these vehicles. Camel Group will offer solutions related to purchasing of new energy vehicles, after-sales services, financing, and leasing to Zhongfu Huimin. Zhongfu Huimin will select vehicles that will use Camel’s batteries, electronic control units, and motors. (From an announcement by the company on October 18, 2016)

Come into Operation

-Camel New Energy Battery Co., Ltd., a wholly owned subsidiary of the Company, completed the first phase of the construction of its new energy vehicle battery plant. The new plant began production on December 9, 2016. The facility’s current production capacity is 2GWh. Its production capacity is expected to double to 4GWh by the end of 2017 and to 8GWh-10GWh by 2020. The subsidiary has already won a number of battery contracts from automakers. (From an announcement by the company on December 12, 2016)

R&D Expenditure

R&D Structure

Patent

-In 2016, the Company applied for 77 patents and was granted 46 patents in total.

Investment in China

-In January 2017, the Company signed an agreement with the Wuhan East Lake High-Tech Development Zone to construct a new research center for fuel-cell and lithium-ion batteries. This facility will be operated by Wuhan Optics Valley R&D Center Co., Ltd., a wholly owned subsidiary of the Camel Group. A total of CNY 1.2 billion is expected to be invested during the period between June 2017 and June 2021. The R&D center will have a research area, battery testing facilities, an e-commerce office building, and a customer service center. Camel will acquire approximately 73,300 square meters of land for the project, and will begin construction within six months after the acquisition. The first phase of the project is expected to be completed within 18 months after the construction begins. (From an announcement by the company on January 17, 2017)

-In November 2016, the Company signed an agreement with the authorities of the Wuhan Future Science and Technology City to establish a wholly owned subsidiary in the Wuhan East Lake High-Tech Development Zone. The new company will have areas for R&D and testing, and office floors for e-commerce. It will develop advanced batteries like lithium-ion batteries and fuel cells, and will sell these products on the internet. The Group intends to invest up to CNY 1.2 billion in this project. (From an announcement by the company on November 4, 2016)

-The Company announced its business plans for the next five years. Its major plans include establishment of two new battery plants in Changchun: one with a capacity to produce 4 million KVAH high-performance automotive batteries per year; and one with a capacity to recycle 150,000 tons of storage batteries per year. (From news releases issued by multiple sources on September 23, 2016)

-In June 2016, the Company signed an agreement with the authorities of the Chongqing Qijiang Industrial Park to establish an automotive battery production and recycling plant in the district. The plant will be capable of producing 4 million KVAH high-performance sealed storage batteries and recycling 150,000 tons of storage batteries per year. Approximately CNY 1 billion will be invested in this project, which is expected to take 18 months to be completed. Full-scale production is expected to begin within three years after the completion, and the plant's annual output value is projected to reach approximately CNY 3 billion. (From an announcement by the company on June 15, 2016)

-The Company announced that it will construct a lithium-ion battery plant with an annual capacity of 700 million Wh and a lead-acid battery recycling facility with an annual capacity of 150,000 tons. The company will raise funds for this project by issuing new shares that are worth up to CNY 900 million, of which CNY 550 million will be spent for lithium-ion battery production lines. The construction project is expected to take a year to be completed. The plants will be operated at 73.33% of total capacity in the initial year and is expected to reach full capacity in the second year. (From an announcement by the company on May 10, 2016)