Zeng Yuqun became the sole actual controller of CATL and terminated the concerted action relationship with Li Ping

Ningde Times announced on the evening of February 8 that after receiving notices from the company’s actual controllers Zeng Yuqun and Li Ping, the two parties unanimously signed the "Termination Agreement of the Persons Acting in Concert Agreement" and decided to terminate the agreement between the two parties in October 2015. The Agreement on Persons Acting in Concert was signed on March 23.

This site learned from the announcement that after Zeng Yuqun and Li Ping terminated the concerted action relationship, the actual controller of the company was changed from Zeng Yuqun and Li Ping For Zeng Yuqun. This time Zeng Yuqun and Li Pingjun are not involved in the reduction of shareholdings.

Ningde Times announced that Zeng Yuqun and Li Ping decided to terminate the relationship as persons acting in concert after friendly consultations. This move aims to better respond to changes in the internal and external environment, further optimize the company's decision-making mechanism, and promote sustainable business development.

Before the concerted action relationship was terminated, Zeng Yuqun served as the company's chairman and general manager. He indirectly held 23.29% of CATL's shares through Xiamen Ruiting and was the company's largest shareholder; Li Ping served as the company's deputy director. The position of chairman of the board accounts for 4.58% of the company's current total share capital; Both parties jointly control 27.87% of the company's current total share capital.

After the concerted action relationship was terminated, Zeng Yuqun and Li Ping’s positions in the company remained unchanged, and the number of company shares they held did not change.

Officially disclosed the background of the signing of the "Concerted Acting Persons Agreement":

Due to joint optimism about the development prospects of the power battery business, Mr. Zeng Yuqun Xiamen Ruiting Investment Co., Ltd. (hereinafter referred to as "Xiamen Ruiting") controlled by Mr. Li Ping and Ningde Yongjia Investment Co., Ltd. (hereinafter referred to as "Yongjia Investment") controlled by Mr. Li Ping jointly increased capital in October 2012, the predecessor of the company, Ningde Times New Energy Technology Co., Ltd. (hereinafter referred to as "CATL Co., Ltd."). In the early stage of the company's development, considering that Mr. Zeng Yuqun, as a leader in the lithium battery industry, has accumulated rich experience in the production, operation and management of lithium-ion battery companies, and has a deep understanding of the lithium battery industry; Mr. Li Ping has rich experience in investment, entrepreneurship, management With experience in market development and extensive network of contacts and deep industry resources, we are a reliable partner. With complementary backgrounds, the establishment of a concerted action relationship between the two parties is conducive to giving full play to their respective advantages, promoting the development of the company's power battery business, enhancing control over the company and ensuring unified business decision-making.

Based on the above background, Xiamen Ruiting controlled by Mr. Zeng Yuqun and Yongjia Investment controlled by Mr. Li Ping jointly signed the "Concert Acting Persons Agreement" in January 2013. In October 2015, because Yongjia Investment transferred its equity in the company to Mr. Li Ping, Mr. Zeng Yuqun and Mr. Li Ping jointly signed the "Concert Acting Persons Agreement" on October 23, 2015, agreed that both parties Maintain unanimous opinions when directly or indirectly exercising proposal rights, nomination rights, voting rights and other rights to the shareholders (general meeting) and the board of directors in the company's daily production and operation and other major decision-making matters. If both parties still have different opinions after full consultation , both parties agree that the opinions of Mr. Zeng Yuqun shall prevail. This agreement shall terminate from the date when either party no longer directly or indirectly holds shares of the company, and shall not be unilaterally terminated or revoked by either party. For matters not covered in this agreement, both parties may sign a written supplementary agreement.

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