Summary by Futu AI
On August 5th, 2024, Zhixing Automotive Technology announced that it has signed a joint venture agreement with Hangsheng Electronics to establish a high-tech joint venture company specializing in cockpit business in Suzhou, China. The joint venture company will conduct research and development, production, and sales of cockpit integrated products, and will become a subsidiary of Zhixing Automotive Technology, with its financial performance incorporated into the group's comprehensive financial statements. The registered capital of the joint venture company is RMB 100 million, with Zhixing Automotive Technology and Hangsheng Electronics each contributing RMB 50 million, holding 50% stake each. This move is in line with Zhixing Automotive Technology's development strategy, aiming to promote the mass production of cockpit integration products and is expected to bring long-term stable revenue growth to the group.