The Evergrande Health Industry Group is to reportedly pay CNY1.06 billion (US$156m) to to secure a majority stake in Shanghai-based automotive battery maker Shanghai CENAT New Energy.
According to Reuters, Evergrande will receive 58.07% of Shanghai CENAT from electrical instruments maker Shenzhen Clou Electronics, in exchange for the funds.
Shanghai CENAT, founded 2010, is a Sino-Japanese joint venture that manufactures lithium-ion batteries used in plug-in hybrid electric vehicles (PHEVs), and pure electric vehicles. The company has production plants in Guangxi, Jiangsu, and Jiangxi, in addition to Shanghai.
The Evergrande Health Industry Group— a subsidiary of the Evergrande Group, one of China’s largest property developers— said it would pay $930m in exchange for a 51% stake in National Electric Vehicle Sweden (NEVS), a consortium previously owned by Tianjin’s government.
