Jiuzi Holdings, Inc. (JZXN) shares are rising more than 6 percent after signing a letter of intent with China Petrol Technology (Shenzhen) Ltd. to jointly build battery swap stations and battery management systems for electric vehicles.
As per the LOI, Jiuzi and CPT will jointly invest up to RMB 500 million within three years on EV technology R&D and products. The two parties will renovate and reform 300-500 CPT's gas stations in the next three years.
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