Shandong Tengda Fasten Tech (SHE:001379) invested 18 million yuan, or a 60% stake, to establish a joint venture, Tengda Youjia.
Tengda Youjia, with 30 million yuan in registered capital, will process mechanical parts and components and manufacture general equipment, according to a Friday filing with the Shenzhen bourse.
Joint venture partner Yu Jianrong invested 12 million yuan for a 40% stake.
Shares of the stainless steel fastener manufacturer closed more than 1% lower Friday.
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