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Ningbo Joyson Electronic Secures 1.5 Billion Yuan Investment for Auto Safety Unit

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Ningbo Joyson Electronic (SHA:600699, HKG:0699) secured an investment of 1.5 billion yuan into its automotive safety subsidiary, Anhui Joyson Safety.

Xingyin Investment will invest 500 million yuan for a 2.1459% stake, while Zhongyou Investment will inject 1.0 billion yuan for a 4.2918% stake, according to a Friday filing with the Shanghai bourse.

Proceeds will be used to repay shareholder loans and bank debt.

Shares of the automotive accessories manufacturer were down 1% in recent trading on the Shanghai and Hong Kong bourses.

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