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On the afternoon of August 19th, Tenglong Group announced that in order to ensure the company's continued long-term development, the company plans to establish Changzhou Tenglong Hydrogen Energy Automotive Parts Technology Co., Ltd. in a joint venture with Xu Hongfeng and Shanghai Texi Investment Partnership (Limited Partnership) (this is a tentative name, and the name approved by the industrial and commercial department will prevail, hereinafter referred to as the "Joint Venture Company"). The registered capital of the joint venture company is 100 million yuan, of which the company has subscribed 60 million yuan, accounting for 60% of the shares of the joint venture company; Mr. Xu Hongfeng subscribed 25 million yuan and holds 25% equity; Shanghai Texi Investment Partnership (Limited Partnership) has subscribed 15 million yuan and holds 15% equity.

According to the announcement, the joint venture company is mainly engaged in the research and development, processing, sales, and after-sales service of core components for fuel cell vehicle systems, including humidifiers, dedicated solenoid valves for fuel cell systems, controllers, electronic water pumps, inspection, and water gas hydrogen dedicated pipelines. Xu Hongfeng is a professor at Dalian Jiaotong University and has long been committed to research in new and renewable energy, especially in the theory and technology of fuel power cells. He is one of the well-known fuel power cell product technology experts in the industry.

Tenglong Group stated that the company has always regarded new energy vehicle related components as a crucial direction for future development. Through this investment project, the company further expands the scope of use of core automotive components for new energy vehicles - hydrogen fuel cell vehicles, introduces Xu Hongfeng and his team as the technical support for the company to develop such products, and further gathers outstanding talents and related leading resources in the industry, We will accelerate the research and development of relevant automotive component products and technologies suitable for hydrogen fuel cell vehicles, continue to explore the new energy vehicle market, including hydrogen fuel cell vehicles, fully utilize the advantages of the company's market resources in domestic and foreign automotive markets, vigorously develop the market, and enhance the overall competitiveness of listed companies.

Tenglong Group also reminds that hydrogen fuel cell vehicles are the future development direction of new energy vehicles, but the market size is still gradually expanding. The joint venture company may face uncertainty in investment returns due to various factors such as policy changes, market competition, and business management. In addition, there is uncertainty regarding the future market development and performance of the related products of the joint venture company.

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