GCL System invests in new energy tech venture

GCL System Integration Technology (SZSE:002506) announced its subsidiary, GCL System Integration Technology (Suzhou), plans to establish a joint venture, Xuzhou Xinyao New Energy Technology, with Xuzhou Risheng Low-Carbon Industry Investment Partnership. The joint venture will have a registered capital of RMB 165.69 million, with GCL contributing RMB 80 million for a 48.28% stake. Risheng will contribute its 90.9570% equity in Xuzhou High-Tech Zhuoyao New Energy, valued at RMB 85.69 million, for a 51.72% stake in the joint venture. Following this, the joint venture will acquire the right to purchase an additional RMB 80 million of registered capital in High-Tech Zhuoyao. The deal constitutes a related-party transaction due to GCL Low-Carbon, a limited partner in Risheng, being affiliated with GCL Technology Holdings.