Mianyang Fulin Precision (SHE:300432) said Contemporary Amperex Technology (SHE:300750, HKG:3750), or CATL, agreed to subscribe in the company's shares.
Under the agreement, the company will issue over 233.1 million shares at 13.62 yuan apiece to CATL to raise about 3.18 billion yuan, according to a Wednesday filing with the Shenzhen bourse.
Proceeds will support projects including a major lithium iron phosphate plant for energy storage and components for electric vehicles, robotics and low-altitude aircraft.
Upon completion, CATL will hold over 5% of Fulin Precision.
Shares of the battery maker closed 8% higher Wednesday.
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