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FINWIRES

New Concepts Unit to Invest 2 Million Yuan for 40% Energy Storage Stake

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New Concepts (HKG:2221) said its subsidiary, Tianjin Tianchuang Investment, will invest 2 million yuan in Beijing Shengrui Intelligent Storage Technology, according to an Aug. 14 Hong Kong bourse filing.

The investment will give New Concepts a 40% stake in the energy storage company, whose registered capital will rise to 5 million yuan after the injection.

The company said the investment will extend its existing businesses in used cooking oil and battery anode materials into energy storage.

Shares of the firm were down nearly 4% in Monday's recent trade.

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