Anhui Xinbo Aluminum (SHE:003038) agreed to acquire 60% of new energy parts maker Anhui Bida New Energy Vehicle Industry Research Institute from Chery New Energy Automobile for 53.7 million yuan, according to a Shenzhen Stock Exchange disclosure on Monday.
The company will buy the stake with 23.9 million yuan in cash and through a capital increase of 29.9 million yuan.
Anhui Bida's capital will increase by about 30 million yuan to 45 million yuan.
Chery New Energy Automobile will hold the remaining 40% of Anhui Bida after the transaction, the Chinese aluminum producer said.
The company's shares rose 1% in recent trade.
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