Foshan Electrical Advances on Lithium Battery Venture With Hefei Guoxuan
Foshan Electrical and Lighting Co., a Chinese electro-optical product maker, rose the most in five weeks after saying it will set up a joint venture to make lithium batteries with Hefei Guoxuan High-Tech Power Energy Co.
The shares jumped 2.6 percent, the biggest increase since March 7, to 15.27 yuan, and traded at 15.10 yuan as of 10:09 a.m. in Shenzhen.
The two companies will invest as much as 261 million yuan in the venture Guangdong Fozhao Guoxuan Power Energy Co, Foshan Electric said in a filing to the Shenzhen stock exchange.
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