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EVE Energy Authorizes 3.5% Stake Divestment in Smoore International

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EVE Energy (SHE:300014) has secured board approval to authorize its chairman to reduce the company's indirect holding in Smoore International (HKG:6969) by up to 3.5%, according to a weekend disclosure filed with the Shenzhen Stock Exchange.

The Chinese battery manufacturer's shares slipped 2.5% during Monday's morning trade.

Under the approved terms, the company's wholly owned subsidiary, EVE Battery Investment Ltd. (EBIL) is permitted to divest up to about 216,847,100 shares of Smoore International through block trades or centralized bidding within the next 12 months.

EBIL currently holds 1,874,165,000 shares of Smoore International, representing a 30.25% stake. Net proceeds from the potential share reduction are earmarked to fund EVE Energy's ongoing research and development platforms, expand R&D investments, and optimize its core asset structure.

Smoore's shares rose nearly 1% in recent trade in Hong Kong.

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