CALB Group (HKG:3931) signed a joint venture agreement with Handan Industrial Investment and Handan Urban Investment and Operation Group to establish a 4 billion yuan battery-focused company, according to a Wednesday filing with the Hong Kong Exchange.
Under the agreement, CALB will own 60% of the venture through a 2.4 billion yuan capital injection. The Handan partners will contribute 1.6 billion yuan for the remaining 40% stake.
The new venture, tentatively named CALB (Handan), will specialize in EV batteries, energy storage systems, and integrated energy solutions.
The joint venture will be treated as a subsidiary of CALB, and its financial results will be included in the company's consolidated statements.
The EV battery manufacturer said the move supports its strategic growth in the energy storage and mobility markets.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.