Zhejiang Yongtai Technology (SHE:002326) established a joint venture with Gao Yue and Wang Bingjie to advance mid-to-long-duration lithium battery technology.
Yongtai Xinfluoro, with a registered capital of 10 million yuan, will serve as the commercialization platform for the company's lithium battery research and development, according to a Wednesday filing with the Shenzhen bourse.
Zhejiang Yongtai Technology holds a 67% stake in Yongtai Xinfluoro, while Gao and Wang hold the remaining stakes of 20% and 13%, respectively.
Shares of Yongtai Technology closed 2% lower Wednesday.
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