Far East First Selected into the list of the Fourth Batch of Power Batteries of Ministry of Industry

Source: ccstock.cn;  Date:2016-06-21;  Page view: 474

Link of original article: http://www.ccstock.cn/gscy/gongsi/2016-06-21/A1466464711109.html

On thenoonof June 20, 2016, the Official Website of Ministry of Industry and Information published the announcement of the enterprise list (the 4^th batch) fulfilling Automobile Power Storage Battery Industry Code Conditions; Far East First, a wholly owned subsidiary of Far East Smarter Energy (600869), was selected into the list. It’s learned that Ministry of Industry and Information published Code Conditions in March 2015 to guide and regulate the sound development of industry of automobile storage battery, establish production regulations of the products and quality assurance system, strengthen technology and management innovation, enhance innovation in technology and management and meet the demand of development of new energy automobiles. The insiders indicate that the assessment of battery list will help eliminate the low-end capacity and improve market concentration degree. It is in fact a reform of supply side of the automobile power industry. At present, there are about 100 cell factories inChinahaving passed the assessment. It’s expected that more than 30% of the enterprises can’t enter the market of automobile power battery and the industry competition structure will be optimized significantly.

The former name of Far East First is “Jiangxi First New Energy Co., Ltd”. It’s founded in July 2009 and located inYichun,Jiangxiprovince. After being purchased by Smarter Energy, it’s renamed as “Far East First New Energy Co., Ltd.”. The main business of the company includes batteries of new energy automobile, solar energy storage batteries, wind energy storage batteries, storage batteries for base stations, etc. The daily capacity is up to 1 million lithium ion batteries, which is next to Samsung and Panasonic; the market share is in top rank at home and abroad; the market prospect is bright.

Some research reports of security traders point out that compared with other ternary lithium battery factories, Far East First is at a leading position far ahead of others. The production progress is significantly faster than the similar companies inChina. With consistent increase of investment from Smarter Energy, it’s expected that, after the productivity is fully released, Far East First will stabilize and improve its position in the industry steadily and benefit from exploration of ternary industry; the space of development will be further explored.