Cleantech Solutions International Inc (NASDAQ: CLNT) shares hiked after the company reported that its subsidiary, EC Power (Global) Technology, entered into memorandum of understanding for the potential acquisition of Shenzhen Xinsheng NewEnergy.
Based in Shenzhen, China, Xinsheng's primary business is designing and manufacturing lithium-ion aluminum case batteries. Utilizing advanced automated production equipment, Xinsheng has been delivering batteries for mobile phones and other digital equipment since 2008. Xinsheng's daily production capacity is 300,000 units.
Cleantech COO Parkson Yip was quoted in a news release Tuesday as saying, "Our recently launched mobile phone power charger rental business is scaling up quickly and we are moving forward with our plans to aggressively expand into other areas.
"So far, 20,000 portable power chargers are available for rent through major convenience store networks in Hong Kong and Macau, and demand has been increasing. We are preparing to expand our footprint into other types of retail outlets, including restaurants, hotels and shopping malls and are in discussions with potential partners to launch the service new regions around the world.
Cleantech through its affiliated companies, designs, manufactures and distributes a line of proprietary high and low temperature dyeing and finishing machinery to the textile industry.
Shenzhen has a production factory covering 10,000 square meters and over 300 employees. The production lines can produce 300,000 units daily.
Shares in Cleantech moved lower 15 cents, or 3.6%, to $4.08 in midday trading Tuesday.
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