E-Power joint venture Sunrise Guizhou has received RMB 110 million of a RMB 200 million investment, E-Power announced on October 26, 2026. The remaining RMB 90 million has yet to be funded and registered.

Key Takeaways

  • The investor holds 5.7592% following a July 2026 registration and would hold 10% if the investment is fully funded.
  • The December 2024 agreement values Sunrise Guizhou at RMB 2.0 billion after the full investment, not E-Power’s securities.

E-Power joint venture investment terms

Jieshou Xinyang Zhanxin Equity Investment Fund Partnership subscribed to the RMB 200 million capital increase under an agreement dated December 3, 2024. The RMB 110 million received is approximately US$16.5 million; the remaining RMB 90 million is approximately US$13.5 million.

The corresponding increase in registered capital was recorded with the local administration for market regulation on July 29, 2026, raising registered capital from RMB 321.41 million to RMB 341.05 million. E-Power said there is no assurance about the timing or completion of the remaining funding and related registration.

The agreement values Sunrise Guizhou at RMB 1.8 billion before the investment and implies a RMB 2.0 billion valuation after the full investment. E-Power said the agreed valuation is not a measure of the value of its securities.

Ownership and planned use of funds

E-Power holds its interest in Sunrise Guizhou through a wholly owned subsidiary. Its stake fell from 39.3519% before the capital increase to 37.0855% following the July registration and would fall to 35.4167% if the investment is fully funded.

Sunrise Guizhou is E-Power’s principal operating platform for graphite and silicon-carbon anode materials and operates a production facility in Guizhou, China. The agreement directs the proceeds toward business expansion, working capital, research and development, and new projects. They may not be used to repay non-operating debt, pay dividends or repurchase equity.

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