SkyMunsTech Completes Capital Increase Payment... "Becomes Largest Shareholder of Precursor Company CNGR"

SkyMoon Technology (hereinafter SkyMoon) announced on the 27th that it has successfully completed a third-party allotment paid-in capital increase worth 7.5 billion KRW.

This paid-in capital increase was conducted targeting Zoomwe Hong Kong New Energy Technology Co., Ltd (hereinafter Zoomwe), a 100% subsidiary of CNGR, the global No. 1 and four consecutive years’ sales leader in precursor production. Through this capital increase, Zoomwe will acquire approximately 5.7 million new shares and become the largest shareholder with a 29.9% stake. Effectively, CNGR has become the largest shareholder of SkyMoon.

The funds raised through the capital increase will be used as resources for the newly pursued secondary battery materials business. The company previously added the manufacturing and sales of secondary battery materials such as precursors, nickel, cobalt, and manganese as new business areas at the extraordinary general meeting held on the 18th.

The largest shareholder CNGR is a company producing precursors, the core material for secondary battery cathodes, and is the global No. 1 company listed on the Shenzhen Stock Exchange. In particular, it has achieved the No. 1 position in sales and market share for four consecutive years in the nickel-cobalt-manganese (NCM) ternary precursor market. Last year, its sales amounted to approximately 34.3 billion yuan (about 6.54 trillion KRW), and operating profit was about 3.2 billion yuan (about 610 billion KRW).

A SkyMoon official stated, “We successfully completed the third-party allotment paid-in capital increase ahead of the initially planned schedule,” adding, “This shows CNGR’s active support and commitment to responsible management as the new largest shareholder.”

He continued, “Based on CNGR’s outstanding technology, strong production capacity, and financial strength as the global No. 1, we will grow into a leading global company in the secondary battery materials industry through high quality and solid customer retention.”