Topbond announced that in order to expand the production scale of lithium battery, Shenzhen Topbond Lithium Battery Co., Ltd., a wholly-owned subsidiary of the company, plans to establish a new company in Nantong, invest in the construction of lithium battery project, and purchase the original Hanhua new energy plant with completed infrastructure for the construction of square aluminum shell cell, soft pack cell, large cylindrical cell and battery pack production line. The total investment of the project is 5 billion yuan, which is implemented in three phases. The total investment of phase I is 1.6 billion yuan. In addition, Topbond won the centralized bidding project for lithium iron phosphate battery products for standby power of China Tower
in 2021, with a bid winning amount of about 241 million yuan (excluding tax).