January 25, 2019 / 2:02 AM / a month ago

Evergrande Health in $156 million deal for stake in Chinese auto battery maker

HONG KONG (Reuters) - Evergrande Health Industry Group Ltd will pay 1.06 billion yuan ($156 million) for a majority stake in an automobile battery maker based in China, the firm said, as it pieces together its electric vehicle production chain.

The healthcare firm will buy the stake of 58.07 percent in Shanghai CENAT New Energy Co Ltd from electrical instruments maker Shenzhen Clou Electronics Co Ltd, it told the Hong Kong stock exchange in a filing late on Thursday.

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 AB (NEVS), as it diversifies into the new-energy automotive industry.

Shanghai CENAT, which turns out pouch-type batteries, has four major production bases in the commercial hub of Shanghai, the nearby east coast province of Jiangsu, the southeastern province of Jiangxi and southern Guangxi.

Reporting by Donny Kwok; Editing by Clarence Fernandez

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