Thought this was interesting. I know this was posted by FlordaNY over a year ago, but looking back at it, there is probably a connection to our last financials.
FloridaNY translated the Wuhu Huabao business plan from 2015 in which some initial funding was set up to establish the base of their company's research and put it into motion. This was before Wuhu Huabao came into the fold of ZJMY, but was acquired shortly after by Wang.
Regardless, Wuhu Huabao is the technology part of the battery swapping business. Look at what was approved for initial funding below:
"ZJMY's Battery and EV Technology
Always go back check the original document if you can read Chinese
wenku.baidu.com/view/cbc57af36394dd88d0d233d4b14e852458fb397e.html?from=search
CHAPTER ONE: THE COMPANY AT A GLANCE
Company Name: Wuhu Huabao Electric Vehicle Co., Ltd
Established: September 2015
Registered capital: 1,000,000 Yuan
Legal Representative: HAN Jianfang
Ownership: HAN Jianfang, XIE Haitao
Share Structure: HAN 90%, XIE 10%
Fund Received: 1,909,000 Yuan (till May 20, 2016
Fund Distribution:
1. Battery-swapping model car: 3 vehicles 1,350,000 Yuan
2. Small-scale automatic battery swapping system (3) development and manufacturing cost: 200,000 Yuan
3. Equipment Purchasing: 50,000 Yuan
4. Company setup and operation: 309,000 Yuan
Sources of Funding:
1. HAN Jianfang personal share: 700,000 Yuan
2. XIE Haitao personal share: 100,000 Yuan
3. Wuhu government technology fund: 140,000 yuan
4. HAN Jianfang personal loan and interest
5. Wuxi Dream Flight Aviation Investment Co: 400,000 Yuan
6. Beijing Zhong Ji Ming Yang New Energy Company Investment: 69,000 Yuan
Total: 1,909,000 Yuan
I find it interesting that in 2016, WuHu Wuaboa received the funding to gain 3 EV cars to design to include their technology, and the last financials released for JBZY stated only 3 cars had been sold. I think this connection is exactly what they were stating. Maybe I'm really late to the game in this one, but I've been here over a year and have not seen the connection. No one mentioned who we sold those cars to, and how we could have without the proper license.
Looking at the back-end of what has been happening (without any official updates from the company, much to my dismay), you can see that we have now moved beyond the initial 3 mini small scale battery swapping stations to an official stand alone establishment, on the brink of full commercialization. Their philosophy was always to gain the share of the taxi population first, then public transportation commercialization. This is why the main focus is on the batteries right now, and not the car production. If they can implement the battery technology that other car manufacturers can utilize in their vehicles and take over the taxi industry effectively with this system, it will prove that the system will work for private transportation as well.
It is unrealistic to think that our company would be able to infiltrate the entire taxi industry and be the sole provider of these new types of vehicles and expect a shift to happen. However, if you implement the technology we have created and make it available (at a price) to other manufacturers, you create a revenue generating stream through technology first, and then later on in car sales. In Asia, they consider the taxi population of transportation the backbone of the industry. Once you support the backbone, you can develop the additional limbs.
Let me know if I'm crazy. I am counting on at least a couple of you to refute info, but I think there is something here.
(For those wondering who made the vehicles - The company's main product is a electric vehicle with 330 km working condition recharge mileage (MCRM) and dual-mode of battery charging and swapping. The product get the notification code and production qualification through the commission of Cowin Auto, from the Ministry of Industry and the Ministry of Electric vehicle production announcement number, and produced by Cowin Auto through contract manufacturing. This is the best approach of light operation using existing auto production capacity to achieve rapid production.) - this was confirmed in the financials - a third party built the vehicles.
