China Greenland Broad Greenstate Group (HKG:1253) agreed to acquire 51% of the total issued shares of ZDX Energy International from ZDX Energy Development for 20.4 million yuan.

The company plans to settle the consideration by allotting and issuing 219,354,839 new shares, representing 3.63% of its enlarged issued shares, to the vendor.

Upon completion, the target will become a company subsidiary, according to a Dec. 31, 2024 filing with the Hong Kong Exchange.

The target owns a special-purpose vehicle formed to hold all equity interests in Sichuan Guoneng Tairui Electromechanical, which provides comprehensive O&M services for hydroelectric power stations in mainland China.

The landscape design and gardening firm said the deal is part of its efforts to enter the new energy sector to diversify its income stream.