Chinese health management company Evergrande Health Industry Group Ltd, part of real estate company Evergrande, intends to acquire a majority stake in lithium-ion batteries maker Shanghai CENAT New Energy Co Ltd.
Under the pact, Evergrande Health will pay about 1.06 billion yuan ($156.7 million) for 58.1 percent stake in Shanghai CENAT New Energy from electrical instruments maker Shenzhen Clou Electronics Co Ltd.
The acquisition comes a week after the unit of property developer China Evergrande announced plans to pay $930 million for a 51 percent stake in National Electric Vehicle Sweden AB.
In 2018, Evergrande Health participated in $600 million Series A funding in Chinese sports company Sunning Sports.