Asia
Shaanxi Aerospace Power Hi-Tech to Divest 51% Stake in Electric Motor-Making Subsidiary; Shares Slide 3%
Shaanxi Aerospace Power Hi-Tech (SHA:600343) will sell its 51% controlling stake in subsidiary Jiangsu Aerospace Power Electromechanical on the Beijing Equity Exchange, according to a Tuesday disclosure to the Shanghai Stock Exchange.The sale will help the company divest its non-performing businesses and focus on its core operations.Jiangsu Aerospace Power Electromechanical manufactures and sells automatic and direct current-powered motors.Shares fell 3% during afternoon trading on Tuesday.
SHA:600343
