SHENZHEN, China, July 9, 2024 /PRNewswire/ -- BAIYU Holdings, Inc. ('BAIYU' or the 'Company') (Nasdaq: BYU), a leading B2B bulk commodity e-commerce platform and supply chain service provider, today
SHENZHEN, China, July 9, 2024 /PRNewswire/ -- BAIYU Holdings, Inc. , a leading B2B bulk commodity e-commerce platform and supply chain service provider, today announced that on June 14, 2024, the Company, through its wholly owned subsidiary Legend Investment Holdings Co. Limited, completed the acquisition of majority stake in Electra New Energy Vehicle Inc , a U.S.-registered company based in Los Angeles specializing in the new energy vehicle sector.
Following the closing of the Acquisition, BAIYU now holds a controlling interest of 60% in ENEV. The Acquisition aligns with BAIYU's comprehensive growth strategy, aiming to substantially enhance its footprint in the new energy sector and strengthen its global presence in NEVs through this strategic transaction.
Ms. Renmei Ouyang, Chief Executive Officer of the Company, commented,"This transaction opens a new chapter filled with challenges and opportunities for both parties. We believe that through the Acquisition, by fully exploiting each party's unique strengths and integrating respective advantages in technology, supply chain resources and market potentials between China and the U.S., ENEV is well poised to tell an outstanding and distinguished story in the global NEW market.
BAIYU Holdings, Inc. is a leading B2B bulk commodity e-commerce platform and supply chain service provider. Currently, the Company is focused on expanding its new business in photovoltaic, energy storage power, and fast-charging power stations, along with services for the new energy industry.
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