Zhuzhou CRRC Times Electric to Buy New Energy Vehicle Company

MT Newswires Live12-16

Zhuzhou CRRC Times Electric (HKG:3898, SHA:688187) will acquire a 100% equity stake in Hunan CRRC Commercial Vehicle Power Technology from three sellers for around 106.9 million yuan, a Dec. 13 bourse filing said.

The move comes about in order for the train manufacturer to effectively promote the continuous and healthy development of its new energy vehicle electric drive business.

The sellers comprise controlling shareholder CRRC Zhuzhou Institute, its unit Xiangyang CRRC Electric Machinery, and CRRC Electric Vehicle, which is controlled by the unit of CRRC Zhuzhou Institute.

The target company engages mainly in the R&D and manufacturing of high-end electric drives for new energy commercial vehicles.

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