Geely Automobile Holdings (HKG:0175) subsidiary Zhejiang Jirun signed a Joint Venture (JV) Framework Agreement with multiple partners to establish a company focused on intelligent driving technology.
The JV will be owned 30% each by the Geely Automobile, Chongqing Maichi, and QL Partnership, while Lotus Robotics and an Employee Incentive Platform will hold 5% each.
The transaction, classified as a connected transaction under listing rules, requires reporting but is exempt from independent shareholder approval.
The automakers' share prices were down by over 1% in recent trading.
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