Xinte Energy Co., Ltd. Class H (HK:1799) has released an update.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Xinte Energy Co., Ltd. announced a significant capital investment of RMB 490 million through its subsidiary, Silicon New Material, acquiring a 49% stake in the Target Company. This strategic move, dated June 14, 2024, will result in Silicon New Material recognizing investment revenue via the equity method, as the financials of the Target Company will not be integrated into the group’s consolidated statements. The deal is deemed a connected transaction, subject to reporting and announcement obligations, yet exempt from independent shareholder approval.
For further insights into HK:1799 stock, check out TipRanks’ Stock Analysis page.