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Svolt Energy, a spin-off from Great Wall Motor, has filed to list on China’s tech-focused Star Market on the Shanghai Stock Exchange and is poised to become the latest Chinese battery maker to go public.
The company plans to use its 25% equity stake to raise 15 billion yuan ($2.1 billion), according to a prospectus, which indicates a valuation of 60 billion yuan.
The company plans to use 4.5 billion yuan of the financing for a power battery project in Changzhou, Jiangsu province, where it is headquartered; 4 billion yuan for a project in Huzhou, Zhejiang province; and the other 3 billion yuan for its battery project in Suining, Sichuan province, showed the prospectus.