CBAK acquisition target Hitrans shows FY2020 net income $17K, going concern risk

CBAK Energy Technology, Inc.

Hitrans FY2020 net revenue $84.5M, down 27% from $116.1M in FY2019.
Hitrans FY2020 net income $16,777 vs. $3.7M in FY2019; accumulated deficit $6.4M.
Auditor includes going concern qualification due to working capital deficiency.
CBAK Power acquired 81.56% of Hitrans for approx. RMB158.74M ($24.6M).
Unaudited 9M2021 interim financial statements of Hitrans also provided.

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