On 1st July, it was reported that Zhejiang Yuneng New Material Technology Co., Ltd would invest in Onerpro Technologies Corp. to inject the first batch of Chinese blood into this Canada enterprise. In this regard, the relevant senior management of Onerpro confirmed the issue of stock ownership to the reporters, and explained that the two sides are still in the negotiation stage at present. But there is no clear statement on the final share capital of Yuneng and the form of cooperation style that the two parties will adopt.
Onerpro Technologies Corp. is an innovative Canada company with coating R&D as its main business. According to the public information, Onerpro was founded in February 2014, the founder Dr. Stephen Hun and his team entered the field of optical film and pre-coating in 2012, creating a new generation of automotive paint protection film product ONERPRO based on TPU. The company’s first batch of products positioned high-end household cars and luxury cars, entered the Chinese market in 2016.
Zhejiang Yuneng New Material Technology Co., Ltd was founded in 2014. It was invested by the shareholders of Zhejiang Longsheng Group Co., Ltd., Chuanshanjia Supply Chain Management Co., Ltd., Hangzhou Yuanxiao Investment Management Partnership, Chengdu Xinyuan Nuclear Energy Technology Co., Ltd. and other enterprises. It Is group companies of collection of industrial investment, enterprise management, new materials and technology, automotive after-market services, software applications, cultural media and education and training as a whole. In 2016, with the professional team, innovative ideas, scientific management, perfect system and abundant resources, Zhejiang Yuneng New Material Technology Co., Ltd won ONERPRO total distribution right in China. By the time of publication, Yuneng has developed 5 subsidiaries, 82 authorized operators and 167 authorized distributors, covering 28 provinces and 133 cities in China.
In fact, the cooperation between Zhejiang Yuneng New Material Technology Co., Ltd and Onerpro Technologies Corp. was reported as early as 2018. At that time, Zhejiang Yuneng New Material Technology Co., Ltd announced that ONERPRO China would start from the local consumers to develop a purely new ONERPRO Lite series paint protection film for the environment in China with Onerpro Technologies Corp.
Additional, according to another source, the target of share of Zhejiang Yuneng New Material Technology Co., Ltd is not less than 35% of Onerpro Technologies Corp. This proportion will enable this Chinese company to have more shareholder voice in overseas company. There are views in the industry that this time Zhejiang Yuneng New Material Technology Co., Ltd becomes a shareholder as the parent company of the proxy brand will be more conducive to reducing its follow-up costs. For Onerpro Technologies Corp., the share of Zhejiang Yuneng New Material Technology Co., Ltd will increase its R&D cost and production and operation efficiency to a certain extent, but it can bring different management thinking with the middle class as the core of consumption. In some sense, it will be more conducive to the development of both sides.
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