CATL Invests 4.10 Billion Yuan in Zhongheng Electric Parent; Shares Up 4%
MT Newswires Live
Jun 09
Hangzhou Zhongheng Electric (SHE:002364) said Contemporary Amperex Technology (SHE:300750, HKG:3750) will become the largest shareholder of its controlling shareholder, Hangzhou Zhongheng Technology Investment.
CATL will acquire 49% of Zhongheng Technology Investment for a consideration of 4.10 billion yuan through a capital increase, according to a Shenzhen bourse filing on Tuesday.
Under the transaction, CATL will subscribe for 14.4 million yuan of newly increased registered capital.
Zhongheng Technology Investment's registered capital will rise to 29.4 million yuan from 15 million yuan after the transaction.
Shares of the Chinese electrical products developer rose 4% in morning trading.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.