To represent Lubao Group in acquiring the controlling stake of Beijing Puneng, a subsidiary of American listed company Ivanhoe Electric, on behalf of our company

On October 15, 2024, the strategic cooperation and investment signing ceremony between Lubao Group and American Ivanhoe Electric Group was successfully held in Beijing. Lubao Group, through its subsidiary Zhongneng Storage Industry Co., Ltd., acquired a controlling stake in Puneng (Beijing) Energy Technology Co., Ltd. (referred to as Beijing Puneng), officially opening a new chapter of cooperation between leading mining enterprises in the field of new energy storage in China and the United States.

Lubao Group is a diversified large-scale high-tech enterprise that has been listed among the top 500 private enterprises in China for many years. Its business areas cover multiple fields such as fine chemicals, coal, and new energy. Ivanhoe Group is an internationally renowned enterprise with listed companies in the United States and Canada. It has a strong foundation, excellent technical strength, and extensive influence in the mining and energy fields; Beijing Puneng, wholly owned by it, has been focusing on the research and development, production, and commercial application of high-capacity vanadium flow battery energy storage technology for the past 16 years. It is a leading technology enterprise in the vanadium flow energy storage industry worldwide, with advanced technology and strong research and development capabilities.

As the legal advisor of Lubao Group, Zhiben was fully involved in the preliminary due diligence, design of the transaction plan, negotiation of the term sheet, and negotiation of relevant transaction documents. Among them, the transaction team is responsible for providing legal services to clients in matters such as joint venture operation management, business cooperation, and transitional operation adjustments, while the intellectual property team provides professional support for intellectual property restructuring and cooperation in the project. Our team has demonstrated exceptional project coordination and professional skills in this project, earning unanimous praise from all parties involved in the transaction.