In order to further improve the layout of the entire industrial chain of new energy vehicles, Oceania plans to cooperate strategically with Ballard to give full play to Ballard's advantages in hydrogen fuel cell design, development, manufacturing, sales and patent services. The overall strategic layout of the new energy automobile industry chain will be jointly promoted.
Earlier, it announced that the wholly-owned subsidiary, Dayang Electric (Hong Kong) Co., Ltd. ("Dayang Electric Hong Kong") signed the "Share Subscription Agreement" with Ballard on July 26, 2016, Vancouver, Canada. The total price of the shares of 1.64083 US dollars was invested by 28.3 million US dollars to subscribe for the 1.725 million shares of common stock issued by Ballard.
Upon completion of the subscription, Ocean Motor Hong Kong will hold 9.9% of all common shares issued by Ballard and become its sole single shareholder; according to reports, Ballard is a Canadian company established in 1979, from 1983 The year began to develop fuel cells. At present, Ballard's main business is the design, development, manufacture and service of proton exchange membrane fuel cell products (including fuel cell stacks, modules and systems), focusing on the commercial market (telecom backup power, material handling and engineering services) and development. The stage market (bus, distributed generation and continuous power) is a recognized global leader in proton exchange membrane fuel cell technology and is currently listed on the Toronto Stock Exchange and NASDAQ. Ballard offers products covering the main application markets in the stationary and transport sectors.
Ballard intends to issue 17.25 million shares of common stock through private placement, all of which are subscribed by Ocean Electric Hong Kong. The two parties also agreed that within two years after the delivery date, Dayang Electric Hong Kong and its subsidiaries may increase the shareholding of Ballard by approving Balad’s additional shares, open market purchases or private transfers, but the cumulative holdings may not be reached or More than 20% of Ballard shares.