(Yicai Global) July 14 -- Chang Yuan Group Ltd. [SHA: 600525] will buy 80 percent equity in a lithium battery separator manufacturer in Central China's Hunan Province. The deal is worth CNY1.92 billion (USD283 million).

The new material developer has signed an investment framework agreement with shareholders of Hunan Chinaly New Material Co. to buy the equity, the company said in a statement. Hunan Chinaly New Material has imported a full set of product line from Toshiba Corp in Japan, which specializes in the production of power lithium battery with wet diaphragm, and its products belong to one of the four main categories of materials of power lithium battery, the statement added.

The acquisition conforms with the long-term development strategy of the company in the field of electric vehicle-related materials, it said to explain the reason for the acquisition.