Zhuzhou CRRC Times Electric (HKG:3898, SHA:688187) plans to establish a joint venture with a registered capital of 192.1 million yuan through a subsidiary, according to a Shanghai bourse filing on Saturday.

The Chinese train manufacturer's Shanghai and Hong Kong shares jumped 5% during Monday's morning trade.

The company's subsidiary, Zhuzhou CRRC Times Semiconductor, partnered with Beijing Huairou Laboratory and four other parties to set up the venture, which will be named Beijing CRRC Times Huaishi Semiconductor.

CRRC Times Huaishi will provide technology services and development, engineering and semiconductor discrete device manufacturing and sales.