On August 31, Jumei Youpin made a significant announcement, revealing that it had successfully completed the acquisition of Shenzhen Street Power Technology. As part of this deal, River International Holding, a fully owned subsidiary of Jumei Youpin, will now hold shares in Street Power Technology.
Attached is an image showcasing the immense potential of the shared charging treasure market, highlighting Jumei Youpin's latest acquisition of Street Power. [Image: The market of shared charging treasure is huge. Jumei Youpin completed the acquisition of street power]
Street Power Technology specializes in the shared charging treasure business, currently operating through a self-rental cabinet model. Their innovative approach involves placing charging cabinets in high-traffic locations such as shopping malls, cinemas, and restaurants. Users can scan a QR code on the cabinet to access the service and return the device at any other cooperating outlet, offering a user experience akin to that of a shared bike system.
Interestingly, Street Power was initially an incubator project within Anker (Haiyi), a well-known North American brand specializing in smart digital peripheral products like mobile power banks, chargers, Bluetooth accessories, and data cables. Earlier this year, in late March, Street Electric secured a Class A round of funding led by IDG Capital, Xinwangda Capital, and Haiyi shares.
According to their official website, Street Power’s headquarters is based in Shenzhen, with deployments already established in major cities including Beijing, Shanghai, Guangzhou, Shenzhen, Hangzhou, Changsha, Wuhan, Nanchang, Xiamen, and Hefei. They have achieved impressive growth, boasting millions of daily users. By the end of 2017, they aim to expand their coverage to 100 cities nationwide, with hundreds of thousands of charging cabinets installed in the offline market.
In May of this year, Jumei Premium announced plans to acquire the equity of Shenzhen Charging Technology Co., Ltd., a shared charging treasure company, for RMB 300 million (in cash). Chen Ou, founder and CEO of Jumei Youpin, is set to assume the role of chairman at Street Power, with Jumei Youpin expected to hold approximately 60% of Street Power Technology’s shares.
Chen Ou shared with the press that the shared charging treasure market holds a potential worth tens of billions. His decision to invest in Street Power stems from his belief that this company leads the industry in terms of technological innovation and hardware scale. Additionally, the continued backing from original shareholders Haiyi and Xinwangda in hardware and supply chain management played a crucial role in this strategic move. Jumei Youpin remains committed to this project, planning to inject billions more into it over the next three months.
This acquisition not only strengthens Jumei Youpin’s position in the tech sector but also highlights their ambition to capitalize on emerging markets like shared charging solutions, ensuring they remain at the forefront of industry trends.
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