Pylon Technologies (SHA:688063) decided to waive its right of first refusal over a proposed equity transfer in controlled subsidiary Anhui Pylon Energy Technology.
A minority shareholder plans to sell a 6.7% stake in Anhui Pylon Energy Technology to a local venture capital fund for about 200 million yuan.
The battery raw materials maker's 86.7% stake in the subsidiary will remain unchanged after the transaction.
Shares of Pylon Technologies closed 2% lower Wednesday.
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