August 2 -- Zhejiang Hailide New Material (002206) and two unnamed individuals plan to set up a joint venture (JV) called Zhejiang Jinyuan Lithium Industries with registered capital is 20 million yuan, reports yicai.com, citing a company filing.

Hailide plans to invest 15 million yuan for a 75-percent stake in the JV, while the two individuals’ holdings in it will be split 15 percent and 10 percent.

The new entity will develop lithium batteries and help the listed company enter into new energy and energy-saving industries.

Hailide was founded in 2001 and designs and manufactures industrial polyester fiber, solvent printing media, PVC calendaring material and geotextiles. The company exports to more than 50 countries.