Weifu High-Technology Group (SHE:000581, SHE:200581) partnered with Shanghai Baolong Automotive (SHA:603197) through their units to establish a joint venture, according to a Shenzhen bourse filing on Wednesday.
The venture, Weifu Baolong Technology, will have a registered capital of 400 million yuan and will develop and manufacture auto parts.
The Chinese automotive parts supplier's unit, Nanjing Weifu Jinning, will own 55% of the venture after investing 220 million yuan, while Shanghai Baolong Automotive Technology (Anhui) will hold 45% after contributing 180 million yuan.
Baolong Automotive's shares closed less than 3% higher.
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