Ganfeng Lithium Group (SHE:002460, HKG:1772), through subsidiary Jiangxi Ganfeng Recycling Technology, will set up a 100 million yuan joint venture with two other entities, according to a Friday disclosure on the Shenzhen Stock Exchange.

The planned joint venture, Nanjing Public Utilities Ganfeng Recycling Technology, will recycle used power batteries for new energy vehicles.

The lithium company will own 40% of the venture with its 40 million yuan investment.

Nanjing Public Development and Nanjing Environment Group are the two other joint venture partners, owning 40% and 20% of the venture, respectively, after investing 40 million yuan and 20 million yuan.

Shares of the company soared over 8% on the Shenzhen bourse and jumped less than 6% on the Hong Kong bourse.

Price (HKD): $30.76, Change: $+2.2, Percent Change: +7.82%