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Wolong Electric Group is planning to sell its equity stakes in several subsidiaries to affiliated company Wolong Resources Group.
These include 43.2% of Longneng Power, 80% of Wolong Energy Storage, 51% of Wolong Yingnaide and 70% of Shunfeng Electric Power, according to a Tuesday filing with the Shanghai bourse.
Wolong Resources intends to make a cash payment for the above stakes.
Wolong Electric Group expects a 51% increase in 2024 profit as it optimized its revenue structure and reduced costs.
The motor and generator manufacturer forecasted attributable net profit to climb to about 800 million yuan in 2024 from 529.9 million yuan the previous year, according to a Wednesday filing with the Shanghai bourse.
Shares of the company were down 1% in recent trade.
Wolong Electric Group plans to invest 2.03 billion yuan in the construction of the Baotou Damao Banner new energy storage grid, according to a Shanghai Stock Exchange filing on Wednesday.
The Chinese motor and generator manufacturer will invest in the project through its subsidiary, Shunfeng New Energy (Damao Banner).
The storage grid will have an installed capacity of 500 megawatts, with 50 units to be installed.
The storage grid will be constructed within 12 months and will be operated for 20 years.
Wolong's shares jumped over 4% in recent trade.
Wolong Electric Group plans to invest 2.03 billion yuan in the construction of the Baotou Damao Banner new energy storage grid, according to a Shanghai Stock Exchange filing on Wednesday.
The Chinese motor and generator manufacturer will invest in the project through its subsidiary, Shunfeng New Energy (Damao Banner).
The storage grid will have an installed capacity of 500 megawatts, with 50 units to be installed.
The storage grid will be constructed within 12 months and will be operated for 20 years.
Wolong's shares jumped over 4% in recent trade.
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