• The controlling shareholder of Tenpower’s parent company Aucksun has changed from Aoyang Group to Green Right Limited
• Tenpower’s parent company announces name change to Jiangsu Azure Corporation

Zhangjiagang, China – November 21, 2020 – Jiangsu Aucksun Co., Ltd. (002245.SZ) (“Aucksun” or “the company”), a China-based company mainly engaged in the manufacturing of cylindrical lithium battery, as well as the manufacturing of semiconductors and metal logistics business, announced today plans to changed its corporate name to “Jiangsu Azure Corporation” (江苏蔚蓝锂芯股份有限公司). Although the legal name of the company will continue to be Jiangsu Aucksun Co., Ltd. until the name change process has been completed, for marketing and branding purposes the company will now begin to refer to itself under the new corporate name.

The announcement states the reason that the company has changed its name is because since September 2020, the controlling shareholder of Tenpower’s parent company Aucksun has changed from Aoyang Group Co., Ltd. to Green Right Limited. The new name “Jiangsu Azure Corporation” signifies the Company’s new focus on the manufacturing and development of lithium-ion batteries and semiconductors, as the company’s lithium battery business has become the company’s main growth engine.

Link to Cninfo “Proposed Change of Company Name and Business Scope” of Aucksun.

About Tenpower

Tenpower is a leading cylindrical lithium-ion battery cell developer and manufacturer specializing in producing high-rate lithium-ion battery cells. Tenpower has accumulated tremendous amounts of know-how through 18 years of persistent endeavor in basic material research and electrochemical technologies. Owing to prior experience in the power tool battery industry, Tenpower is a strong proponent of a quality-first philosophy. It invests heavily in state-of-the-art equipment and rigorous quality control processes. This ensures the consistency and safety of the battery cells. Today, Tenpower has expanded into various industries, including power tools, micro-mobility, smart appliances, and critical applications. Tenpower incorporated itself into the supply chains of many leading first-tier international companies. It has shipped more than 10 billion battery cells to hundreds of companies across more than 40 countries. For further information, visit www.tenpowercell.com.

About Azure Corporation

Azure Corporation (江苏蔚蓝锂芯股份有限公司) is a China-based company. Azure manufactures lithium battery cells and semiconductors and manages metal logistics and distribution. The Company operates its businesses through three segments. The lithium-ion battery cell segment is mainly engaged in the manufacturing of lithium-ion battery cells. The semiconductor segment is primarily engaged in the manufacturing and sale of light-emitting diode (LED) epitaxial wafers and chips. The metal logistics and distribution segment consists of an active distribution business and a commissioned business for its products. For further information, visit www.azurecorp.com