$HPJ Highpower International Says Unit Entered Into A Non-Binding Cooperation Framework Agreement With Anshan Co-Operation Co
On August 30, 2016, Hong Kong Highpower Technology, Co. Ltd., wholly-owned subsidiary of Highpower International, Inc. (the "Company") entered into a non-binding Cooperation Framework Agreement (the "Framework Agreement") with Anshan Co-operation (Group) Co., Ltd. ("ACOC") under which ACOC proposes to purchase newly issued shares of Shenzhen Highpower Technology Co., Ltd., Springpower Technology (Shenzhen) Co., Ltd. and Icon Energy System (Shenzhen) Co., Ltd., the Company's subsidiaries organized in People's Republic of China (the "PRC"), for RMB540 million, or approximately US$80.7 million (based on an exchange rate of approximately $6.69 as of August 31, 2016). As a result of its purchase, ACOC would hold more than 50% in each PRC subsidiary. The Framework Agreement includes a 90 day exclusivity provision. The terms of the Framework Agreement supersedes the non-binding proposal from ACOC received by the Company in November 2015. A copy of the Framework Agreement is attached as Exhibit 99.1 to this Current Report on Form 8-K.
