Wave Cyber (Shanghai) (SHA:688718) partnered with two entities to establish a joint venture that will produce and market gas separation membranes, according to a Shanghai bourse filing on Wednesday.
The venture, Shanghai WeCyber Zhihui Membrane Technology Development, will have a registered capital of 10 million yuan.
The joint venture partners are Tianjin Zhihui Membrane Technology Research and Shanghai Zhihui Management Partnership (Limited Partnership), which is controlled by Wave Cyber's deputy general manager, Fan Zhifeng.
The Chinese manufacturer of composite pressure tanks and membrane pressure vessels will own 51% of the venture after investing 5.1 million yuan into its capital, while Shanghai Zhihui will hold 15% after injecting 1.5 million yuan.
Tianjin Zhihui will own 34% of the venture after contributing intellectual property and professional expertise, the filing said.
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