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Ningbo Huaxiang Electronic to Form Two JVs for Smart Brakes; Shares Up 3%

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Ningbo Huaxiang Electronic (SHE:002048) signed a shareholders' agreement with Nanjing Brembo to establish two joint ventures in China.

The first joint venture, with 100 million yuan in registered capital, will produce electromechanical breaks. The second, with 50 million yuan in capital, will handle the sale of the brakes, according to a Friday filing with the Shenzhen bourse.

The joint venture agreement includes a five-year lock-up period from the establishment date.

Shares of the nonmetallic automobile parts maker rose 5% in recent trade.

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Ningbo Huaxiang Electronic to Form Two JVs for Smart Brakes; Shares Up 3% | FINWIRES