BYD yields remainder of its share in Guangdong lithium battery maker

Gasgoo.com (Shanghai December 7) - BYD has yielded its six percent share in Guangdong-based lithium battery producer Jinhui Hi-Tech in return for 75 million yuan ($11.84m), the Beijing News reported today.

According to a statement from the manufacturer, BYD's Hong Kong branch transferred the stock it held to Zhongke Jinchan Intelligence Property Share Investment Partnership and New Asia Aluminum and Stainless Steel, both based in Jinhui's home city of Foshan, Guangdong. BYD said that the amount it gained from the transfer would be used to help its finances.

BYD previously held 39.38 percent of Jinhui at the peak of its investment. The manufacturer transferred 33.38 percent of its share in mid-November for 496 million yuan ($78.29m) and 16 percent in late November for 237.6 million yuan ($37.5m).