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Tiangong International Unit to Form JV for Tool Manufacturing

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Tiangong International (HKG:0826) unit Jiangsu Tiangong Carbide Technology agreed to establish joint venture Jiangsu Tiangong Electronics Technology with two parties.

The parties will cooperate on printed circuit board (PCB) precision cutting tool projects through the JV company, according to a Thursday Hong Kong bourse filing.

Jiangsu Tiangong Carbide Technology will contribute 21 million yuan to the company and own a 70% stake, the filing said.

Shenzhen Mingchuangjin Investment Partnership Enterprise (Limited Partnership) and Dongguan Fanyu Automation Technology Company will contribute 6 million yuan and 3 million yuan, respectively, to hold 20% and 10% interest.

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