Beijing – September 13, 2026 -- Cheche Group Inc. (Nasdaq: CCG) has signed a non-binding term sheet to make a strategic investment in Long Way Fortune, a residential solar-plus-storage operator active in Australia and Singapore, at an implied equity value of $490 million.
Cheche targets initial 20% stake with option to reach 51% ownership
The proposed stock-for-stock deal would give Cheche an initial 20% minority position in Long Way Fortune, with the option to raise its stake to as much as 51% over time subject to performance milestones and agreed conditions. Cheche's consideration will be stock-linked and released on a delayed schedule over several years.
Auto insurance platform pivots toward household energy market
The transaction marks Cheche's first move into global residential energy and underpins a new two-pillar strategy the company is calling "Green Mobility + Green Energy." Cheche currently supports the financing, insurance and mobility needs of Chinese new-energy-vehicle (NEV) brands expanding internationally; the Long Way Fortune deal would extend that platform from serving vehicles to serving households.
"This investment represents an important step in Cheche's potential evolution beyond a technology platform serving the automotive industry toward a broader green energy and mobility platform serving households internationally," said Lei Zhang, Founder and CEO of Cheche Group.
Deal completion targeted by December 31, 2026, pending approvals
Completion remains subject to due diligence, negotiation of definitive agreements, board and shareholder approvals where required, and regulatory clearances including from Nasdaq. Cheche aims to close the initial investment by December 31, 2026, though the company cautions there is no assurance the transaction will be finalized on that timeline or at all.
Long Way Fortune's LFP battery systems expand from Australia into Europe, Asia
Long Way Fortune's residential offering combines LFP battery technology, energy management software and layered safety protections, backed by manufacturing and local installer networks. Having entered the market in Australia, the company is now setting up regional branches and distribution networks in Europe and Asia.
Cheche outlines plan for integrated home energy and mobility platform
Beyond the immediate investment, Cheche said it intends to build an intelligent home energy platform linking solar generation, storage, energy management software and NEV consumption, using AI and data to forecast household demand and optimize energy flows. The company frames this as a potential second long-term growth engine alongside its existing green mobility business.