Electric vehicle maker BYD said its Hong Kong subsidiary will transfer a 33.4 percent stake in Foshan Jin hui Hi-tech Photoelectric Material Co to 100 Industrial Co for 496 million yuan ($78.1 million).
The firm said in a filing to the Shenzhen stock exchange that transferring the stake in Foshan Jin Hui, which manufactures membranes, will help BYD focus on its core business strengths.
Foshan Jin hui was a joint venture set up by U.S. billionaire Warren Buffett-backed BYD and Foshan Plastics Group.