(Yicai Global) Sept. 22 -- Shenzhen Center Power Tech Co. [SHE:002733] intends to invest up to CNY500 million (USD75.8 million) to establish a wholly-owned subsidiary to develop hydrogen fuel cells.

The establishment of the subsidiary will help the company to promote the industrialization process of hydrogen fuel cells and hydrogen fuel cell vehicle related technologies and products, optimize the company's main business structure, and foster new profit growth points, a statement from the company, which is a traditional lead-acid battery developer, said today.

It will also invest up to CNY300 million to set up a wholly-owned investment subsidiary, which will become the company's investment platform. The business of the subsidiary will focus on areas related to the company's main business, the statement added.