Xiangtan Electric Manufacturing (SHA:600416) partnered with Huazhong University of Science and Technology to set up a 100 million yuan venture, Hunan Xiangdian Strong Magnetic Technology, according to a Shanghai Stock Exchange disclosure on Saturday.
The Chinese motor manufacturer will invest 60 million yuan through its subsidiary, Changsha Xiangdian Electric Technology, and will own 60% of the venture. The university's unit, Wuhan Huazhong University of Science and Technology Asset Management, and affiliated investor, Lu Yang, will invest 12% and 28%, respectively into the venture's capital.
Huazhong University of Science and Technology will contribute 40% in intellectual property rights, with 70% of the contribution being granted to the technology team's individual stock holdings as a policy reward, and 30% transferred to Wuhan Huazhong University of Science and Technology Asset Management.
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