Shanghai Fudan Microelectronics (HKG:1385, SHA:688385) will invest 17.5 million yuan worth of intangible assets into a joint venture that will be established with four other investors, according to a Shanghai bourse filing on Wednesday.

The joint venture, which will focus on developing high-power ageing test systems, will have a registered capital of 70 million yuan.

The smart meter manufacturer will own 25% of the venture.

Shanghai Zhuoyuan Ruixin Enterprise Management Partnership (Limited Partnership), Shanghai Zhuoyuan Yuxin Enterprise Management Partnership (Limited Partnership), and individual investors Zhou Jun and Wang Yan Zheng are the other venture partners.

The company's Shanghai and Hong Kong shares both dropped 7% during the afternoon trade.