Jiu Rong (HKG:2358) said an indirect wholly owned subsidiary has agreed to sell 11 public transport charging stations in Hangzhou to Hangzhou Xihu New Energy Technology for 185.3 million yuan, according to a Wednesday Hong Kong bourse filing.

Upon completion, Jiu Rong will cease to hold any rights or obligations in the charging station assets but will continue to provide operation and management services under a three-year joint operation agreement.

The company expects to realize net proceeds of about 185.3 million yuan, which will be used mainly for loan repayments to China Construction Bank (HKG:0939, SHA:601939), working capital, and tax expenses related to the disposal, the filing said.

Shares of Jiu Rong jumped 30% in Wednesday morning trade.