Shanshan expands new energy business in Ningbo
Shanshan Corporation recently announced that the company would invest about 5 billion yuan ($769.23 million) to build a lithium battery anode material production base in Ningbo, East China's Zhejiang province.
The production base, which will be located in Ningbo's Yinzhou district, will have an annual production capacity of 40,000 metric tons of high-end lithium ion battery anode materials.
The facility will be capable of functioning at full capacity in 2026, generating an annual revenue of more than 10 billion yuan.
Shanshan had achieved huge success as a garment marker before making the foray into the new energy sector.
Established in 1992 in Ningbo, Shanshan became the first listed apparel company in China in 1997. In 1999, it embarked on a strategic transformation by pivoting towards the new energy industry.
The company is currently one of the few enterprises in the world that can mass produce silicon-based anode materials, and the only company in China with business scope covering positive electrode, negative electrode and electrolyte.
The company has the most shipments of artificial graphite and the second highest output volume of anode materials in the world.
Last year, Shanshan reported a whopping 23-fold increase in net profits, making it one of the fastest growing A-share listed companies from Ningbo.
According to a notice released by the company on April 19, its lithium battery arm in Shanghai has brought in an investment worth 3.05 billion yuan from four investors including BYD and CATL.
Shanshan is also expected to be among the first Chinese companies to be listed on the Swiss Stock Exchange.