Intron Technology : Subsidiary Qingheng Receives First Strategic Multi-million RMB Investment To develop hydrogen energy business platform

Intron Technology's Subsidiary Qingheng Receives First Strategic Multi-million RMB Investment
To develop hydrogen energy business platform 2022.08.08

(8 August 2022, Hong Kong) Intron Technology Holdings Limited ("Intron Technology" or the "Group"; HKEX: 1760), a fast-growing automotive electronics solutions provider in China, has announced that its subsidiary Shanghai Qingheng Automotive Electronics Co., Ltd. ("Qingheng") has secured the first strategic investment of multi-million RMB Investment from 湖州涌銘股權投資合夥企業(有限合夥), a subsidiary fund of Yonghua Investment Management Co Ltd. The investment provides Qingheng the working capital required for the R&D and market expansion of innovative products, allowing it to build a new technological development service platform for hydrogen energy, thus strengthening the Group's market competitiveness, broadening market resources and accelerating its development.

Qingheng was established at the end of 2021 as a limited liability company. It focuses on the development and commercialization of the core electronic control systems for hydrogen fuel cells. Its main business includes fuel cell control units for hydrogen fuel cell systems, high-speed air compressor control units, hydrogen circulating pump controllers, DC/DC controllers for fuel cells, fuel cell integrated controller, and the R&D, sales and technical services related to the aforementioned controllers and solution. Qingheng has earlier been appointed as a mass production service provider for its core electronic control products by the leading domestic hydrogen fuel cell car companies.

Yonghua Investment Management Co is a fund management company specializing in private equity investment under the Yongjin Group. Its predecessor was the direct investment department of Yongjin Group. Benefiting from Yongjin Group's strong financial services platform, Yonghua Investment has focused on private equity investment as its core business during nearly 20 years of development, and has gradually extended into professional VC investment, industrial mergers and acquisitions investment, investment in overseas professional fields, incubation, achieving impressive investment results. Yonghua Investment has become a professional investment institution with a complete investment industry chain and an outstanding investment performance supported by abundant international resources.

Mr. Luk Wing Ming, Chairman, Co-CEO and Executive Director of Intron Technology said, "As an excellent renewable energy source, hydrogen fuel cells will become one of the mainstream solutions for new energy vehicles. The Company focuses on the new energy vehicle industry, and always regards hydrogen fuel cells as an important part of the new energy business sector. We are very honoured that Qingheng for the first time has received the participation of external strategic investors to develop together. We believe that the capital injection and the introduction of investors will help Qingheng quickly enhance the competitiveness of its products, and to complement the Group's external development to achieve innovation and incubate within new sectors, so that we can better capture business opportunities and accelerate market expansion. Through the initiative, the Group has not only successfully attracted funds, it will also introduce a high-quality member to Qingheng, giving us another new strategic platform and ultimately achieving a win-win."

Mr. Zhang Shuai, Managing Director of Yonghua Investment Management Co Ltd said, "Yonghua Investment has focused on research and investment in hydrogen energy and fuel cell industries for a very long time. We believe deeply that hydrogen energy will be another trillion or even 10 trillion industrial opportunity after photovoltaics and lithium batteries, and several excellent local enterprises will inevitably be born. Yonghua Investment is willing to cooperate with outstanding enterprises in the industry to jointly cultivate this huge potential market."

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About Intron Technology Holdings Limited(英恒科技控股有限公司)

Intron Technology Holdings Limited is a fast-growing automotive electronics solutions provider in China focuses on providing solutions targeting critical automotive electronic components applied in New Energy, Automated Driving, Connectivity, Body Control, Safety and Powertrain systems. The Group utilises its research and development and engineering capabilities to provide solutions incorporating advanced semiconductor devices to help OEMs achieve industry leading performance.

About Shanghai Yonghua Investment Management Co., Ltd (上海涌鏵投資管理有限公司)

Yonghua Investment Management Co is a fund management company under Yongjin Group, specializing in private equity investment. Its predecessor was the direct investment department of Yongjin Group. In the past nearly 20 years, Yonghua Investment has focused on private equity investment venture capital investment, industry merger and acquisition investment, overseas professional investment and incubation, and subsequently has achieved impressive investment results. Yonghua Investment boasts strong core competitive advantages in investment services, industry research, listing sponsorship and post-listing capital operation. Yonghua Investment has cumulatively invested more than RMB6 billion in more than 100 quality companies, with more than 50 being listed. Currently, the team of Yonghua Investment is located across major cities in China such as Beijing, Shanghai, Shenzhen, Xiamen, Hangzhou, Changsha and Chengdu, and carries out in-depth research in new energy, energy conservation and environmental protection, consumer goods, TMT, and the agriculture industries.

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