Shanghai Dazhong Public Utilities (Group) Co., Ltd. Class H (HK:1635) has released an update.
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Shanghai Dazhong Public Utilities (Group) Co., Ltd. has announced the formation of a joint venture, Shanghai Dazhong GreenMobility New Energy Development Co., Ltd., involving its subsidiaries Dazhong Supply Chain and Dazhong Logistics, along with Dazhong Business Management. The joint venture, with a registered capital of RMB20 million, aims to foster collaborative efforts in the new energy sector, with the three parties contributing 50%, 30%, and 20% of the capital, respectively. This strategic move, although classified as a connected transaction, falls below the threshold requiring independent shareholder approval.
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