China’s CATL, Ant Financial and Hellobike set up e-bike battery firm

26

SHANGHAI (Reuters) – China’s Contemporary Amperex Technology Co Ltd (CATL), Ant Financial Services and Hellobike said on Wednesday they will invest 1 billion yuan ($144.60 million) to establish a electric bicycle battery joint venture.

The battery maker, fintech firm and Alibaba-backed bike-sharing start-up announced the cooperation in a joint statement, which did not disclose the individual shares of the partners in the joint venture.

(Reporting by Shanghai Newsroom and Brenda Goh; Editing by Himani Sarkar)

tagreuters.com2019binary_LYNXNPEF5B0MN-BASEIMAGE