Foshan Lighting Reaps Profit From Sale of Shares in New Energy Battery Maker
Yicai Global
/SOURCE : Yicai
Foshan Lighting Reaps Profit From Sale of Shares in New Energy Battery Maker

(Yicai Global) Dec. 9 -- Foshan Electrical and Lighting Co. [SHE:000541], a Chinese manufacturer of energy-saving lights, said it turned a CNY850 million (USD123 million) profit from a sale of shares in Guoxuan High-Tech Co.

Foshan Lighting sold 29.27 million shares of Guoxuan [SHE:002074], a maker of new energy lithium-ion power batteries, between Nov. 15 and Dec. 7, Guangdong-based Foshan said in a statement. The stock accounted for 3.34 percent of Guoxuan's total.

Foshan Lighting said it may continue to reduce its remaining 4.99 percent stake over the next 12 months.

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