Zhejiang Province-based Chinese steelmaker Yongxing Special Stainless Steel Co. (Yongxing Special Steel) has announced that it plans to purchase a 67.9072 percent stake in Jiangxi Province-based Hzone Lithium Industry Technology Co. (Hzone) by issuing shares worth not more than RMB 622 million ($94.1 million).
Yongxing Special Steel had previously acquired a 25.7549 percent stake in Hzone. With its latest planned purchase, it will hold a 93.6621 percent stake in Hzone, becoming Hzone’s controlling shareholder.