Vital Deeptech, Related Party Set Up Electrical Parts Joint Venture; Shares Jump 10%

MT Newswires Live09-22

Shanghai Vital Deeptech (SHA:600641), through subsidiary Shanghai Pioneer Electromechanical Qixin Technology, partnered with related party, Guangdong Pioneer Solid Energy New Technology, to set up a joint venture, according to a Shanghai bourse filing on Tuesday.

The venture, Shanghai Yuanshuo Jidian Technology, will have a registered capital of 300 million yuan and will produce core products including electrolyte plates, metal interconnects, medium- and high-voltage switchgear, transformers and supercapacitors.

The real estate developer will own 65% of the venture after investing 195 million yuan into its capital, while Guangdong Pioneer Solid Energy will hold 35% after investing 105 million yuan.

Vital Deeptech's shares jumped 10% in recent trade.

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