According to Zhitong Finance App, China's Shuta (08623) announced that on March 12, 2024, Hainan Shuta, an indirect wholly-owned subsidiary of the company, and Yi Heng Tengyu, signed joint company rules for the establishment of a joint venture. Hainan Shuta and Yi Heng Tengyu will hold 51% and 49% of the shares in the joint venture, respectively. The joint venture will be mainly engaged in the development and operation of charging facilities for non-motor vehicles.
Currently, the joint venture is not in business. The joint venture will be recognized as an indirect non-wholly-owned subsidiary of the company and will be incorporated into the accounts with the company.