Greenland's Board Approves Spin-off and Creation of Pureplay Industrial EV Company

Core Viewpoint - Greenland Technologies Holding Corporation has announced a spin-off of its drivetrain systems business, aiming to separate its electric industrial vehicles and drivetrain systems segments into two independent, publicly-traded companies [1][2][3] Group 1: Spin-off Details - The Board of Directors has approved a plan for a tax-free spin-off of the drivetrain systems segment to existing shareholders [1][3] - Post-spin-off, Greenland will focus solely on its industrial electric vehicle business under the HEVI brand, while the drivetrain systems will operate as a separate publicly traded company [3] - Current shareholders will retain their shares in Greenland and receive an allocation of shares in the new spin-off company [3] Group 2: Strategic Rationale - The decision for the spin-off follows a review of the business portfolio aimed at enhancing shareholder value, concluding that a stand-alone company for the drivetrain systems is the most attractive strategic option [2] - CEO Raymond Wang indicated that the integrated business structure has not been reflected in the share price due to global exposure concerns, and the new structure will allow teams to focus on maximizing ROI in the growing industrial electric vehicle market [4] Group 3: Company Overview - Greenland Technologies is a developer and manufacturer of drivetrain systems for material handling machinery and electric vehicles, as well as electric industrial vehicles [5]