China's wealthiest man to start seperator company competing with PPO !
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BYD to Form a Lithium-ion Battery Subsidiary in Foshan 23 October 2009

BYD is scheduled to form a lithium-ion battery separator subsidiary together with Foshan Plastics Group in Foshan City, Guangdong Province, south China, with a total investment of about CNY 105 million.

BYD Co., Ltd. (SEHK: 1211) is scheduled to form a lithium-ion battery separator subsidiary together with Foshan Plastics Group Co., Ltd. (SZSE: 000973) in Foshan City, Guangdong Province, south China, with a total investment of about CNY 105 million.

The new subsidiary has a lithium-ion battery separator production capacity of 45 million square meters or 542 tons, and it is predicted to create new revenue of CNY 229 million and a profit after tax of CNY 62.5 million after the operation, according to a data report released by Foshan Plastics.

BYD, Foshan Plastics, and Foshan Plastics' top executives will separately owns 39.375%, 48.125%, and 12.5% shares in the subsidiary. Notably, Foshan Plastics will invest in the new company with a land of about 3 hectares and some cashes.

The project will be another investment plan after BYD launched the new energy car business by acquiring Media & Communications Company from GD Media Holding Co., Ltd. (SZSE: 000527).