Sailun Group (SHA:601058) will raise its stake in joint-stock unit East China (Dongying) Intelligent Connected Vehicle Test Field to 50% after raising its capital by 420 million yuan, according to a Shanghai Stock Exchange disclosure on Tuesday.
The Chinese tire manufacturer currently owns 37.22% of the unit that inspects and tests automobiles and motorcycles.
The capital increase will help fund East China Test Field's planned industry-leading test roads and supporting facilities and a domestic public testing service platform for complete vehicles and parts, the disclosure said.
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