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Foshan Electrical Advances on Lithium Battery Joint Venture

April 12 (Bloomberg) -- 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 3.1 percent, the biggest increase since March 7, to 15.35 yuan, and traded at 15.29 yuan as of 11:55 a.m. in Shenzhen.

The two companies will invest as much as 261 million yuan ($40 million) in the venture named Guangdong Fozhao Guoxuan Power Energy Co, Foshan Electrical said today in a filing to the Shenzhen stock exchange. Each company will hold an equal stake.

Foshan Electrical has an 18 percent stake in Hefei Guoxuan. The Guangdong-based company terminated its agreement, signed last year with Taiwan-based Pihsiang Machinery Manufacturing Co., to form a venture for lithium batteries used by electric cars.

To contact Bloomberg News staff for this story: Feifei Shen in Beijing at Fshen11@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net.

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