Starfire Materials tumbles as company announces HK$151M storage fund stake
Starfire Materials (6067.HK) fell up to 4% in Hong Kong trading to HK$9.19, a new low since listing, currently at HK$9.47 with turnover of HK$24.56 million.
The decline comes after the company announced on June 24 that it co-founded Shenzhen Yuanzhi Xingyuan Venture Capital Fund Partnership (Limited Partnership) with several institutional investors, committing RMB500 million total, with Starfire Materials contributing RMB151 million as limited partner accounting for 30.20% stake.
The fund will focus on key projects across the new energy storage industry chain.
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