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Ningbo Shanshan Unit Signs Management Deal with Wanwei Subsidiary; Shanshan Shares Up 6%

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Ningbo Shanshan's (SHA:600884) unit, Shanjin Optoelectronics (Nanjing), agreed to a management cooperation deal with a subsidiary of Anhui Wanwei Updated High-Tech Material Industry (SHA:600063), according to a Wednesday disclosure on the Shanghai bourse.

Under the deal, Shanjin Optoelectronics will be entrusted with Hefei Derig Optical Technology's sales operation and management, as well as economic efficiency.

The management fee will be based on 1% of Derig's operating revenue plus 30% of its total profit.

The lithium-ion battery materials company's shares jumped 6%, while Wanwei's shares rose 1% during the midday.

What else is happening in Asia?

Asia

Shenzhen Megmeet Electrical Buys Out 46.3% Stake in Subsidiary

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SHE:002851
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Zhejiang Wanliyang Appoints CFO

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SHE:002434
Asia

Carimin Petroleum Raises Stake in Sealink International to 25.3%

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KLSE:CARIMINKLSE:SEALINK