Beijing Jingcheng Machinery Electric (HKG:0187) associate Beijing Jingcheng Machinery Electric Industrial Investment acquired 39.77% shares of Shanghai Sunwise and has become the controller of Shanghai Sunwise.

The product sale and purchase framework agreement between Beijing Tianhai, a subsidiary of the company, and Shanghai Sunwise, dated Aug. 16, has also taken effect, a Monday filing with the Hong Kong Exchange said.

Jingcheng Industrial Investment had resolved to become Shanghai Sunwise's largest shareholder by way of capital injection and equity transfer to acquire at least 34.58% of its shareholding with a planned investment of 590 million yuan.

Beijing Tianhai and Shanghai Sunwise had previously entered into a sale and purchase agreement to sell or buy hydrogen energy products from each other.

The containers and compressors manufacturer's shares were up nearly 7% on Monday's close.

Price (HKD): $2.30, Change: $+0.15, Percent Change: +6.98%