HONG KONG -- Evergrande Health Industry Group will pay 1.06 billion yuan ($156 million) for a majority stake in an automobile battery maker headquartered in China, the company said, as it pieces together an electric vehicle production chain.
The health care company will buy the stake of 58.07 percent in Shanghai CENAT New Energy Co. from electrical instruments maker Shenzhen Clou Electronics Co., it said in a filing with the Hong Kong stock exchange.
The deal comes a week after the unit of property developer China Evergrande Group said it would pay $930 million for a 51 percent stake in National Electric Vehicle Sweden as it diversifies into the new-energy automotive industry.
Shanghai CENAT, which produces pouch-type batteries, operates four major factories in the commercial hub of Shanghai, the nearby east coast province of Jiangsu, the southeastern province of Jiangxi and southern Guangxi.