Inovance Technology to Build NEV Parts Plant for 5 Billion Yuan

MT Newswires Live08-28

Shenzhen Inovance Technology (SHE:300124) plans to invest up to 5 billion yuan to construct a new energy vehicle parts production base, according to a Tuesday disclosure on the Shenzhen Stock Exchange.

The construction and investment will be made through the Chinese industrial automation control products manufacturer's subsidiary, Inovance New Energy Vehicle Technology (Suzhou).

The plant will be constructed in Wuzhong District, Suzhou City, with a planned construction area measuring 243,200 square meters. The plant is expected to be built in phases within five years, the disclosure noted.

Shares of the company rose less than 2% in recent trade.

Price (RMB): Â¥42.48, Change: Â¥+0.78, Percent Change: +1.87%

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