(Yicai Global) Oct. 20 -- Guangdong Dynavolt Renewable Energy Technology Co. [SHE:002684] plans to invest CNY1.246 billion (USD188 million) to expand its new-energy industrial chain by acquiring a 95.85-percent stake in Hope Shanghai New Energy Charging Equipment Co., the potential buyer said yesterday.
Dynavolt plans to pay cash, issue shares and raise CNY525 million (USD79.5 million) in funding to pay for the acquisition.
Hope Shanghai's main business is the research, development, design, production, sales and service of battery systems and charging equipment for new-energy vehicles.
Dynavolt Technology has been manufacturing batteries for 30 years. It now plans to break into high-end battery making and expand along the clean energy industrial chain, integrating scientific research, design, manufacturing, sales and operations. Its stocks are currently suspended as it undergoes major asset restructuring.