Financial Wire

Huaxiang Electronic Ties Up With Anzhi Automotive to Set Up Joint Venture

-- Ningbo Huaxiang Electronic (SHE:002048), through subsidiary Ningbo Huaxiang New Three-Electric Technology, agreed to establish a joint venture with Zhejiang Anzhi Automotive Technology, according to a Shenzhen bourse filing on Tuesday.

The venture, Huaxiang Anzhi Intelligent Suspension System (Shanghai), will have a registered capital of 20 million yuan. It will manufacture intelligent suspension systems and key components.

The nonmetallic automobile parts maker will own 60% of the venture, while Anzhi Automotive will hold the remaining 40% after investing 12 million yuan and 8 million yuan, respectively.

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