Shenzhen VMAX New Energy (688612.SH) plans to acquire 38.50% equity stake in its subsidiary Wides.

Shenzhen VMAX New Energy (688612.SH) announced that its wholly-owned subsidiary, Wuhu Shenzhen VMAX New Energy New Energy Co., Ltd. (referred to as "Wuhu Shenzhen VMAX New Energy"), plans to use its own funds of 144 million yuan to acquire a 38.50% stake in its controlling subsidiary Weides Electric Motor Technology (Shanghai) Co., Ltd. (referred to as "Weides") held by Shanghai Chuannan Enterprise Management Service Partnership Enterprise (Limited Partnership) (referred to as "Shanghai Chuannan").