HK Stock Market Move | Zhuzhou CRRC Times Electric (03898) rose more than 3% in the morning and recently planned to invest approximately 107 million yuan to acquire 100% equity of CRRC Commercial Vehicle Power.

Zhuzhou CRRC Times Electric (03898) rose more than 3% in the morning and as of the time of writing, it was up 3.1% to HK$31.6 with a trading volume of HK$85.6819 million. In terms of news, Zhuzhou CRRC Times Electric announced that on December 13, 2024, the company signed a share transfer agreement with CRRC Zhuzhou Locomotive Co., Ltd., Xiangyang CRRC Electric Motor, CRRC Electric Drive, and CRRC Commercial Vehicle Power. According to the share transfer agreement, the company agreed to acquire a total of 100% equity of CRRC Commercial Vehicle Power held by the transferor at a total price of approximately RMB 107 million. After the completion of the share transfer, the company will directly hold 100% equity of CRRC Commercial Vehicle Power, and CRRC Commercial Vehicle Power will become a wholly-owned subsidiary of the company, and its financial performance will be consolidated into the group's financial statements. The announcement stated that the company is committed to becoming a leading global automotive electric drive components and systems integrator. The acquisition of the commercial vehicle electric drive business is beneficial for accelerating the company's strategic objectives in the automotive electric drive industry, continuously expanding and strengthening the new energy automotive electric drive industry sector, and achieving continuous growth in the company's electric drive industry scale and steadily enhancing the company's position in the CKH HOLDINGS sector.