On December 4, Xingfa Group announced that its wholly-owned subsidiary, Hubei Xingshun New Materials Co., Ltd., signed a Lithium Iron Phosphate Entrusted Processing Agreement with BYD (Qinghai) Co., Ltd. Under the agreement, BYD Qinghai will entrust Xingshun New Materials to process and produce 80,000 tonnes/year of LFP products and will pay processing fees accordingly. The agreement has a duration of two years and can be automatically renewed for one additional year upon mutual agreement. The fulfillment of this agreement is expected to have a positive impact on the company's performance.
The signing and full implementation of this agreement will help fully utilize the production capacity of the company's new energy segment, is expected to positively impact the company's operational performance, and aligns with the company's development strategy and the interests of all shareholders.
Edited by Cassie Li, lixiangying@mysteel.com
