(Yicai Global) Nov. 10 -- Chinese automotive mold leader Tianjin Motor Dies Company Ltd. [SHE:002510] intends to pair with a battery company subsidiary of a new energy vehicle (NEV) manufacturer based in Southeast China's Zhejiang province to rapidly break into the field of lithium batteries for NEVs.

The company signed a trading agreement with shareholders of the battery company, a subsidiary of Zhejiang Skio Matrix Co. and Tianjin Motor Dies thereby acquired 37.5 percent of the company's equity, it announced yesterday.

After completion of the acquisition, Tianjin Motor Dies will become the company's second-largest shareholder. The battery company's overall valuation is as much as USD393 million (CNY2.6 billion), so the agreement confirms that the price of the equity transfer is a maximum of CNY980 million, and Tianjin Motor Dies will make the above payment in cash.

Zhejiang Skio Matrix will still be the largest shareholder in the company with 60 percent of its shares. Formed in Hangzhou, Zhejiang in 2013, Skio Matrix has mastered the core technology of pure electric vehicles and owns nearly 100 patents covering the entire NEV industrial chain.

Its acquisition of the battery company under Zhejiang Skio Matrix will help it optimize its industrial positioning, Tianjin Motor Dies stated.