Recently, Hangfork Group Co., LTD. (hereinafter referred to as “Hangfork Group” stock code 603298) and Zhuhai Yingboer Electric Co., LTD. (hereinafter referred to as “Yingboer” stock code 300681) reached an important strategic cooperation project. Hangfork Group and Yingbor respectively invested 27.5 million yuan, 17.5 million yuan and the management team of 5 million yuan to jointly invest 50 million yuan to establish Zhejiang Huahang Electric Drive Co., LTD in Hangfork Group’s Hengfan Science Park (IPO), with the investment of both parties accounting for 55% and 35% of the registered capital respectively. This cooperation marks that Hangfork Group and Yingboer have entered a new stage of deep integration in the field of new energy forklift trucks.

PCI-8517 Hangfork Group is one of the largest forklift R&D and manufacturing enterprises in China. Adhering to the corporate mission of “making handling easier” and the vision of “being the world’s strongest forklift enterprise”, Hangfork Group insists on focusing on the main business of industrial vehicles. Continue to consolidate the core competitive advantages of product research and development innovation, forward-looking layout of new energy products, brand marketing services, digital smart factory, smart logistics solutions, cultural leadership and other aspects, continue to increase investment in industrial vehicle core technology research and development, and actively integrate advanced technologies in the direction of intelligence, green and service, to become the wind vane leading the development of industrial vehicle industry. Yingboer has been deeply engaged in new energy vehicle power system for nearly two decades, and is one of the few leading enterprises in China with independent research and development and production capacity of new energy vehicle electric drive system and power system, with mature power system solutions and rich product types. The innovative “integrated core” technology solution has significant advantages such as high efficiency, lightweight and low cost.

PCI-8517

The two sides have reached a strategic cooperation goal since the beginning of cooperation in 2018. After full cooperation between the two sides, the permanent magnet motor electronic control technology was introduced into the balanced heavy electric fork products for the first time in May 2020 and was successfully introduced to the market. The permanent magnet motor electronic control products save nearly 20% more energy than the AC asynchronous motor electronic control products. Achieve a comprehensive surpass of fuel forklift trucks. Both sides adhere to continuous technological innovation, to lead the development of the industry as their own responsibility, and continue to deepen cooperation.

PCI-8517 The two sides joined hands to establish a joint venture company, aiming to integrate the advantages of the two sides, achieve technological complementarity, and jointly create high-performance, high-quality industrial vehicle non-road electric drive products to meet the market’s urgent demand for high-performance, high-efficiency, high-reliability new energy forklift motor. The newly established joint venture company will make full use of Hangzhan Group’s many years of vehicle research and development, production and sales advantages in the field of industrial vehicles, and fully integrate Yingboer’s advantages in high efficiency, lightweight and low cost in new energy electric vehicle motors and electronic control products. The joint venture company will be committed to the research and development of new energy forklift electric drive products with higher efficiency, stronger power and lower energy consumption, and provide strong support for the development of electric industrial vehicles. At the same time, the two sides will also carry out in-depth cooperation in technological innovation, manufacturing, quality control, supply chain management and other aspects to ensure the advanced nature, stability and reliability of products.

In the future, the joint venture company will adhere to the development concept of “innovation, cooperation and win-win”, continue to increase R&D investment, improve product performance and quality, promote industry technological progress and industrial upgrading, and contribute more to the development of China and even the world’s new energy forklift industry.