Nasdaq-listed insurance technology company Cheche Group Inc. (NASDAQ: CCG) is considering an investment in residential solar and battery storage company Long Way Fortune, the business associated with the EnergyLIB home energy brand.
Cheche entered into a non-binding term sheet on 9 September 2026 for the proposed transaction, which would mark the company’s entry into the residential energy market beyond its existing insurance technology operations.
Initial 20% Stake Proposed
According to Cheche’s latest filing with the US Securities and Exchange Commission, the proposed transaction contemplates an initial 20 per cent minority investment in Long Way Fortune.
Cheche could subsequently increase its ownership to as much as 51 per cent, subject to agreed conditions and performance milestones.
The filing places an overall implied equity value of US$490 million on Long Way Fortune.
The proposed investment would be structured as a stock-for-stock transaction, with Cheche’s consideration linked to its shares and subject to a delayed release schedule over several years.
The US$490 million figure represents the implied valuation of Long Way Fortune under the proposed terms rather than the amount Cheche has agreed to pay upfront.
Transaction Is Not Yet Binding
No definitive investment agreement has yet been signed.
Cheche has stressed that the term sheet is non-binding and does not require either party to complete the investment.
The proposed transaction remains subject to due diligence, further negotiations, definitive agreements, corporate and regulatory approvals and other conditions. Cheche has cautioned that there is no assurance the transaction will proceed on the proposed terms, timetable or at all.
EnergyLIB also acknowledged those conditions in its 8 October announcement, noting that completion of the investment remains uncertain.
Long Way Fortune Operates in Australia and Singapore
Cheche describes Long Way Fortune as a residential solar-plus-storage business currently operating in Australia and Singapore.
The company develops household energy products and systems associated with the EnergyLIB brand, with a focus on combining rooftop solar generation, batteries, inverters, software and energy-management technology.
Long Way Fortune says it intends to expand beyond its existing markets into parts of Europe and Asia over the longer term.
Those expansion plans remain company targets rather than confirmed market launches.
EnergyLIB Targets Integrated Home Energy Management
EnergyLIB currently focuses on residential battery storage and related household energy products.
The company says its next stage of product development will increasingly combine batteries and inverters with software capable of managing household electricity use.
The proposed model would use energy-management systems to respond to factors including household demand, stored energy and changing electricity prices.
EnergyLIB ultimately plans to develop a more integrated platform connecting household electricity generation, storage and consumption, although the company has not disclosed a detailed timetable for the rollout.
Cheche Looks Beyond Auto Insurance
Cheche was established in 2014 and is primarily an auto insurance technology platform in China, providing digital insurance transaction and software services.
The company said the proposed Long Way Fortune investment forms part of a new strategy combining its existing exposure to new-energy vehicles with residential energy services under what it calls a “Green Mobility + Green Energy” model.
The potential expansion comes as Cheche restructures its core business.
For the first half of 2026, the company reported RMB885 million (US$130.4 million) in net revenue, down 34.4 per cent from the previous corresponding period, while gross margin increased from 4.9 per cent to 6.5 per cent.
As of 30 June, Cheche reported US$25.6 million in cash, cash equivalents, restricted cash and short-term investments. It also reduced its full-year 2026 revenue guidance as part of an ongoing shift toward higher-margin operations.
Cheche has acknowledged that moving into residential energy would expose the company to a new market in which it currently has limited operating experience.
The proposed Long Way Fortune transaction therefore remains an early-stage strategic investment rather than a completed acquisition, with the final ownership structure and terms dependent on further negotiations and approvals.
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