China Carbon Neutral Development Group (HKG:1372) unit China Carbon Renewable Energy (Shenzhen) has agreed to acquire 60% equity interest in lithium battery recycling firm Henan Zailiang New Energy for HK$30 million, a Nov. 15 bourse filing said.

The new contract revises a previous agreement in which the firm had agreed to purchase the stake from sellers Nanyang Xinweiyuan Advisory Service and Henan Aki Business Operation Management for 6 million yuan.

The target company engages mainly in the graded utilization, dismantling, and recycling of lithium batteries for new energy vehicles, among other things.

Shares of the company closed nearly 4% lower on Monday.