Huayu Automotive Systems (SHA:600741) partnered with Shanxi Huaxiang Group (SHA:603112) to establish a joint venture, according to a Monday filing on the Shanghai Stock Exchange.
The venture, to be named Huaxiang Sandman (Shanxi) Automotive Systems, will be casting and processing cast iron products, such as automotive brake housings/brackets and steering knuckles.
Huayu Automotive will invest in the venture through its subsidiary, Huaxiang Sandman (Shanghai) Automotive Systems, which will inject 183.9 million yuan into the venture. Huaxiang Group will inject 429.1 million yuan into the venture's capital.
Sandman Shanghai will own 30% and Huaxiang will hold 70% of the venture, the Chinese automotive parts system integration supplier said in the filing.
Huayu Automotive's shares jumped less than 5% and Huaxiang's shares climbed more than 6% in recent trade.
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。