With a registered capital of RMB 2 billion, Xiamen CATL Technologies Co., Ltd. was established on March 24 to engage in the manufacturing and sales of batteries. This company is wholly funded and controlled by Contemporary Amperex Technology Co. Ltd. It is not the first investment of CATL in Xiamen. The latter has made successive investments in Xiamen, which are expected to form a cluster of new energy battery businesses and boost Xiamen to become one of China's hubs of the new energy industry. In addition to CATL, Xiamen will also be the home to multiple key projects and companies. Recently, Xiamen embraced another new project initiated by Henan Jinma Energy Co., Ltd., a leading independent coking enterprise in China. Jinma Energy and Xiamen ITG Group Corporation Limited have signed a joint venture agreement and registered as Xiamen Jinma ITG Co., Ltd.
