June 7 (NBD) -- China's equipment manufacturing conglomerate Shanghai Electric Group Co Ltd ("Shanghai Electric", 601727.SH) has signed a framework agreement with GCL-Poly Energy Holdings Ltd (03800.HK), under which the former plans to buy a 51 percent stake in the latter's subsidiary Jiangsu Zhongneng Polysilicon Technology Development Co., Ltd, the Shanghai-based company said in an announcement Thursday. 

Shanghai Electric expects to finance the acquisition by issuing shares in addition to cash payment. 

The Jiangsu-based polysilicon manufacturer has an estimated valuation of no more than 25 billion yuan (3.9 billion U.S. dollars). 

Due to the big news, the company suspended the trading in its shares Wednesday, with the suspension to span no more than one month.  

Email: lansuying@nbd.com.cn