Shares of CN ANCHU ENERGY (02399) rose more than 10%. At the time of writing, the stock was up 9.23%, trading at HK$0.71 with a turnover of HK$12.5105 million.

Recently, CN ANCHU ENERGY announced its intention to acquire a 100% equity stake in Wuzhong Ruichu Technology Co., Ltd. from Ningxia Jinxin Shenghui Energy Technology Co., Ltd. for a consideration of RMB 64 million, which may be subject to downward adjustment.

The target company is primarily engaged in the operation of an electrochemical energy storage power station project located in Tongxin County, Wuzhong City, in the central part of China's Ningxia Hui Autonomous Region. The project comprises 20 modular energy storage units and 540 energy modules, each with a capacity of 186 kW / 372 kWh. It utilizes lithium-ion battery technology to achieve efficient charge and discharge cycles, enabling flexible energy storage and release.

The total installed capacity of the power station is approximately 100 MW / 200 MWh. It is positioned as a large-scale utility-level energy storage facility capable of supporting regional grid stability and the integration of renewable energy. According to the announcement, the project can generate stable revenue by providing peak shaving, load shifting, frequency regulation, and auxiliary services to the State Grid.