Sinopoly to buy Hong Kong Southwest EV company
Transaction is part of Sinopoly's plans to expand its capabilities to extend to EV production.
Sinopoly Battery Limited has announced plans to acquire a Hong Kong-based electric vehicle (EV) company. The lithium-ion battery producer aims to buy Hong Kong Southwest Electric Vehicles Limited for USD22.8 million. The sale will be between Giant Industry Holdings, which currently owns the Hong Kong EV company and Sinopoly. Southwest Electric Vehicle Company meanwhile owns a 50% stake in a local EV-manufacturing company in China, Yunnan Meidi Coach Manufacturing Company.
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