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Enpack Packaging plans to set up joint research and development laboratories in China with LG Chem to enhance its lithium battery materials business. Shares of Enpack increased by 3.3% to CNY17.82 following the announcement.

The labs will be located at Yinglian Composite Current Collector's factory in Gaoyou and LG Chem's R&D base in Wuxi, both in Jiangsu province. The collaboration aims to develop next-generation composite current collectors for lithium batteries, leveraging LG Chem's expertise in polymer film materials and Yinglian's production capabilities.

Enpack began its lithium battery composite current collector business in 2023 with a plant in Gaoyou, which has an annual capacity of 100 million square meters of composite aluminum foil and 500 million square meters of composite copper foil. The products have received positive feedback from various battery clients.