Zhejiang Sanhua Intelligent Controls (SHE:002050) is merging its two wholly-owned subsidiaries, Shaoxing Thermal Management and Shaoxing New Energy, to streamline operations.
The company's auto thermal management unit will absorb the new energy vehicle components subsidiary to create a combined entity with 2.6 billion yuan in registered capital, according to a Thursday filing with the Shenzhen bourse.
Shares of the refrigeration and air-conditioning control components manufacturer closed 3% higher Thursday.
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