Greenland’s board approves spinoff, creation of pureplay industrial EV company

Greenland Technologies Holding recently approved a spinoff of its drivetrain systems business and approved a plan to separate its electric industrial vehicles and drivetrain systems segments into two independent, publicly traded companies.

After the proposed spinoff, Greenland will be solely comprised of the company’s current industrial EV business under its HEVI brand.

Under the board-approved plan, GTEC’s existing drivetrain systems for material handling machineries and vehicles would operate post-spinoff as a separate, independently managed and publicly traded company on the OTC market.

Current GTEC shareholders will continue to own and trade shares with no change and receive a to-be-determined allocation of shares in the new spinoff company comprised of the non-industrial EV operations.

The company expects to create these companies through a tax-free spinoff of its drivetrain systems segment to the Greenland shareholders.

There are no guarantees the contemplated spinoff will occur or that it will occur on the anticipated timeline, given economic conditions and changes in the financial markets.

“Greenland has benefited financially, strategically and operationally from our integrated business structure. However, our success has not been appropriately reflected in our share price due to concerns regarding the global exposure of our business in an increasingly volatile geopolitical environment,” Raymond Wang, CEO of Greenland, said.