Hubei Wanrun New Energy Technology (SHA:688275) plans to transfer 93.3 million yuan of capital from one subsidiary to another, according to a Shanghai bourse filing on Thursday.
The Chinese battery material supplier will decrease the capital of Shenzhen Huahong Qingyuan Environmental Protection Technology and use it to raise the capital of Lubei Wanrun Smart Energy Technology (Shandong).
After the transaction, Wanrun's holdings in Huahong Qingyuan will remain 100%, while its holdings in Lubei Wanrun will increase to 81% from 80%.
Wanrun's shares skyrocketed by less than 19% during the afternoon trade.
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