Chinese property giant Evergrande Group bought control of a company that produces electric-car batteries on Thursday, nine days after it took a majority stake in an electric carmaker.

The developer, China’s third biggest by sales, will use its subsidiary Evergrande Health Industry Group to pay 1.06 billion yuan (US$155.88 million) for 58 per cent of Shanghai CENAT New Energy, according to a statement to the Hong Kong stock exchange, where it is listed.

Shanghai CENAT is a China-Japan joint venture that makes lithium-ion batteries, a key component that gives electric vehicles greater range than standard power supplies.

An car industry research outfit under the control of the Chinese cabinet and a Japanese maker of lithium-ion rechargeable batteries founded Shanghai CENAT New Energy in May 2010.

The company has production plants in Shanghai, Jiangxi, Guangxi and Jiangsu.

 

story continued on this link:
https://www.scmp.com/business/companies/article/2183524/evergrande-health-pays-us155-million-control-electric-car-battery


Source: scmp.com