On October 31, Gelunhui announced that Shimao Services (00873.HK) signed an investment agreement with its joint venture partner (Hainan Zizai New Energy Technology Co., Ltd.), which is a wholly-owned subsidiary of the company, on October 31, 2024. According to this agreement, the parties agree to establish a joint venture company to build and operate electric vehicle charging stations in China.
According to the terms of the investment agreement, the registered capital of the joint venture company is 0.4 billion yuan. Chengdu Shimao Services will contribute 0.196 billion yuan, while the joint venture partner will contribute the remaining 0.204 billion yuan as the registered capital of the joint venture company. After the establishment of the joint venture company, Chengdu Shimao Services and the joint venture partner will respectively own 49% and 51% of the equity of the joint venture company.
