On March 15, 2019, Dang Yu Pan announced that on June 2, 2018, he has submitted a preliminary non-binding proposal letter to the Highpower International, Inc.’s board of directors. In the proposal letter, Dang Yu Pan proposed to acquire, through an acquisition vehicle to be formed by Dang Yu Pan, all of the outstanding shares of common stock that are not already directly or indirectly beneficially owned by Dang Yu Pan for cash consideration equal to US$4.80 per share of common stock to be funded by a combination of debt and equity capital arranged by Dang Yu Pan. Further, the Company stated that on March 13, 2019, Dang Yu Pan, Wen Liang Li, Wen Wei Ma, and Essence International Financial Holdings Limited entered into a consortium agreement, under the consortium agreement, the members of the consortium agreed, among other things, to form a consortium to (i) participate in a transaction to acquire the Company, which would result in a delisting of the Company from the Nasdaq Global Market and deregistering the Company under the Act, and few more.