Weekly Energy News | Tongwei Co. Plans to Inject More Than 5 Billion Yuan in Capital into Its Subsidiary; Kuobo Energy Submits Filing to the Hong Kong Stock Exchange

This week (June 22-June 26), the National Development and Reform Commission (NDRC) and the National Energy Administration (NEA) issued a notice on the publication of the "Fifteenth Five-Year Plan for the Construction of a New Energy System"; Tongwei Co., Ltd. announced that it plans to increase capital by 5.06 billion yuan in its subsidiary Tongwei Solar.

I. Policy Highlights

NDRC and NEA Release "Fifteenth Five-Year Plan for the Construction of a New Energy System"

On June 25, the NDRC and NEA published the "Fifteenth Five-Year Plan for the Construction of a New Energy System," proposing to initially establish a clean, low-carbon, safe, and efficient new energy system by 2030. The plan sets main targets for constructing the new energy system during the "Fifteenth Five-Year Plan" period, including: achieving a comprehensive energy production capacity of 5.8 billion tons of standard coal; fully enhancing the mutual complementarity, security, and resilience of the power system; ensuring diversified and controllable energy imports; peaking coal and oil consumption, with the share of non-fossil energy consumption reaching 25%; the installed capacity of wind and solar power accounting for over 50%, becoming the main body of power generation; the share of non-fossil energy power generation reaching 50%, becoming the main source of electricity; accelerating the construction of a strong, resilient, green, low-carbon, integrated, and intelligent new energy infrastructure system, with a new power system initially established; achieving overall independent control of key technology and equipment in the energy industry chain, ranking among the world's top countries in energy technology innovation; and accelerating the improvement of market and pricing mechanisms suitable for the new energy system, with a unified national electricity market system basically established.

II. Corporate News

Tongwei Co., Ltd. Plans to Increase Capital in Subsidiary Tongwei Solar by 5.06 Billion Yuan

On June 22, Tongwei Co., Ltd. announced that to support the sustained high-quality development of its wholly-owned subsidiary Tongwei Solar and optimize its asset-liability structure, the company plans to increase capital by 5.06 billion yuan in Tongwei Solar, with the new amount credited to Tongwei Solar's capital reserve. This capital increase is in cash, funded by the company's own funds, not involving raised funds. After the capital increase, Tongwei Solar will remain a wholly-owned subsidiary of the company. This capital increase does not involve new project investments, does not affect the overall asset-liability structure at the consolidated level, and will not have adverse effects on the listed company's business, daily operations, or capital.

Sway Tech: No Investigation Initiated for Information Disclosure Violations

On June 22, Sway Tech announced that the company has noticed false rumors on online platforms claiming that the company is "under investigation." The company clarifies that as of now, there is no investigation initiated against it for information disclosure violations, nor has it been subject to administrative penalties by the China Securities Regulatory Commission or disciplinary actions by stock exchanges. Regarding the false rumors, the company reserves the right to take legal action against the rumor-mongers to protect the rights of the company and its shareholders.

Cube Energy Files for Hong Kong IPO; Nearly 90% of Revenue Comes from Overseas

On June 21, documents disclosed by the Hong Kong Stock Exchange showed that Shenzhen Cube Energy Co., Ltd. (hereinafter referred to as "Cube Energy") officially submitted its main board prospectus on June 16, with the exclusive sponsor being Guotai Junan International. According to the prospectus, Cube Energy is a leading distributed BESS (Battery Energy Storage System) solution provider focused on the public utility sector. The company has three product series, including PowerCombo, FlexCombo, and FlexCube.

In terms of performance, from 2023 to 2025, Cube Energy's revenue was 451 million yuan, 494 million yuan, and 703 million yuan, respectively, with profits for the year of 12.33M yuan, 33.17 million yuan, and 53.81M yuan. By region, in 2025, Cube Energy's revenue from overseas markets reached 618 million yuan, accounting for 87.9% of total revenue, with revenue from Europe reaching approximately 609 million yuan, accounting for 86.7% of total revenue.

Yongtai Technology Subsidiary Plans to Invest 800 Million Yuan in a 50k-Ton VC Project

On June 23, Yongtai Technology announced that its subsidiary, Inner Mongolia Yongtai Chemical Co., Ltd., plans to invest 800 million yuan to build an annual 50k-ton VC (Vinylene Carbonate) and supporting engineering project. The project construction period is from August 1, 2026, to December 31, 2027, with funding from self-raised funds. The project aims to strengthen the company's scale expansion and industrial chain synergy in the lithium battery materials field. After full production, the company's total VC capacity will increase to 80k tons per year.

Fuling Precision Subsidiary Participates in 200k-Ton Lithium Iron Phosphate Precursor Project

On June 23, Fuling Precision announced that its subsidiary, Jiangxi Shenghua, plans to sign a "Project Investment Cooperation Agreement" with Phosphorus Tai Group and Bairuide Mining. The parties will jointly invest in establishing a joint venture company (hereinafter referred to as the "Target Company"), with the Target Company as the main entity to build a new annual 200k-ton lithium dihydrogen phosphate integrated project and a supporting 100k-ton thermal phosphoric acid project. The project is expected to have a total investment of 3 billion yuan, with the Target Company's registered capital of 400 million yuan, of which Jiangxi Shenghua will contribute 160 million yuan, holding a 40% stake. The project aims to secure the upstream raw material supply for the company's lithium iron phosphate business and enhance core competitiveness.

Shunfa Hengneng Plans to Invest 205 Million Yuan in Henan Xinxiang Energy Storage Project

On June 24, Shunfa Hengneng announced that it plans to invest approximately 205 million yuan in the Henan Xinxiang energy storage project. The main construction content and scale of the project include building an energy storage station in Xinxiang City, Henan Province, with a scale of 100MW/200MWh. The storage batteries will use lithium iron phosphate batteries, and both the battery system and power conversion system of the storage station will adopt an outdoor container layout. The construction period is about 5 months, with funding from the company's own funds.

Senior Material Plans to Invest 151 Million Yuan to Participate in a 500 Million Yuan Energy Storage Industry Fund, Targeting the Entire New Energy Storage Industry Chain

On June 24, Senior Material announced that the company, together with Yuanzhi Energy Storage and Kefa Capital, jointly invested in the establishment of Shenzhen Yuanzhi Xinyuan Venture Capital Fund Partnership (Limited Partnership). The fund's planned subscription scale is 500 million yuan, of which the company, as a limited partner, plans to contribute 151 million yuan in its own funds, accounting for 30.20%. The partnership mainly invests in key projects in the entire new energy storage industry chain, including headquarters R&D, production and manufacturing, engineering applications, and market expansion, covering key links such as raw materials, components, and process equipment applicable to new energy storage technology routes.

Aikosolar Plans to Increase Capital in Subsidiary Chuzhou Aikosolar by 800 Million Yuan

On June 25, Aikosolar announced that its controlling subsidiary Zhejiang Aikosolar plans to increase capital in Chuzhou Aikosolar by 800 million yuan using its own funds. After the capital increase, Chuzhou Aikosolar's registered capital will increase from 522 million yuan to 50k yuan, with Zhejiang Aikosolar still holding 100% equity. This capital increase aims to optimize Chuzhou Aikosolar's capital structure, reduce its asset-liability ratio, and enhance competitiveness, and will not have a material impact on the company's financial condition.