Flat Glass Group (HKG:6865, SHA:601865) agreed to partner with Jiaxing Yihe Investment to establish a joint venture, according to a Shanghai bourse filing on Friday.

The venture, Shanghai Fujie New Materials, will have a registered capital of 50 million yuan. It will manufacture technical glass products, functional glass and new optical materials, as well as automobile parts.

The photovoltaic glass manufacturer will own 40% of the venture after contributing 20 million yuan, while Yihe Investment will hold 60% after investing 30 million yuan.

The company's Shanghai shares rose 2% during the afternoon trade.