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China Hongqiao Unit to Acquire New Energy Business

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China Hongqiao Group's (HKG:1378) indirect unit Yunnan Hongqiao New Materials agreed to acquire Yunnan Weiqiao Xinchuang Science and Technology Industrial Park Development.

The target will be purchased from Yunnan Weiqiao Xinchuang Science and Technology Industrial Park Development for 239.7 million yuan, according to a Friday bourse filing.

The target engages mainly in the photovoltaic new energy generation business in China.

The acquisition will give Shandong Hongqiao Holdings, which wholly owns Yunnan Hongqiao New Materials, greater autonomy over its power supply and help it achieve stable and efficient business operations.

What else is happening in Asia?

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