Hiconics Eco-energy Technology (SHE:300048) plans to transfer 90% of its holdings in switch control equipment-making subsidiary Changsha Riye Electric for 57.4 million yuan, according to a Shenzhen Stock Exchange disclosure on Wednesday.

Shanghai Shangfeng Group, a manufacturer of plastic, metal, and ceramic products, and two other investors are the buyers of the stake.

Upon completion of the transaction, the Chinese energy storage maker will no longer hold any equity in Changsha Riye, the disclosure said.