In order to strengthen the advantages of the integrated whole industrial chain, Huayou Cobalt once again joins hands with LG Chemical of Korea to enter the cathode business in Korea and establish a cathode joint venture company. This cooperation will be carried out through the subscription of equity by Bamo Technology, a cathode material subsidiary of Huayou Cobalt, after which LG Chemical will hold 51% of the shares and BAMO Technology will hold 49% of the shares. The joint venture company intends to build ternary cathode materials plant with an annual production capacity of 66,000 tons of ternary cathode materials with a total investment of KRW 437.1 billion (approximately RMB 2,337 million).

On May 30, the signing ceremony between Huayou Cobalt and LG Chemical was held at LG Twin Building in Yeouido, Seoul. Hak Cheol Shin, CEO of LG Chemical, Chen Xuehua, Chairman of Huayou Group, and Chen Yaozhong, Vice President of Huayou Group and President of the New Energy Industry Group, attended the signing ceremony and completed the signing together.