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China's Hangke Hits Record High on USD56.8 Million Battery Gear Supply Deal With VW Unit
Tang Shihua
DATE:  Dec 30 2020
/ SOURCE:  Yicai
China's Hangke Hits Record High on USD56.8 Million Battery Gear Supply Deal With VW Unit China's Hangke Hits Record High on USD56.8 Million Battery Gear Supply Deal With VW Unit

(Yicai Global) Dec. 30 -- Shares in Zhejiang Hangke Technology surged to an all-time high today on the news that the Chinese lithium-ion battery production equipment maker will supply CNY371 million (USD56.8 million) worth of gear to Gotion High-Tech, a unit of German carmaker Volkswagen.

Hangke's shares [SHA:688006] closed up 7.52 percent at CNY80.10 (USD12.26) today. Earlier in the day it had reached CNY81.48, a surge of 9.37 percent. Gotion's stock [SHE:002074] finished up 5.19 percent at CNY37.26 (USD5.71).

The deal with Gotion, which is the country’s third biggest power battery maker, is valid for two years, Hangzhou-based Hangke said yesterday. No further details were given about the type of equipment involved.

Volkswagen paid EUR1.1 billion (USD1.35 billion) for a 26 percent stake in Hefei, eastern Anhui province-based Gotion in May to become its biggest shareholder.

Editor: Kim Taylor

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Keywords:   Supply Deal,Power Battery Production,Guoxuan High-Tech,Volkswagen,Hangke Technology