Shandong Tengda Fasten Tech (SHE:001379) invested 18 million yuan, or a 60% stake, to establish a joint venture, Tengda Youjia.
Tengda Youjia, with 30 million yuan in registered capital, will process mechanical parts and components and manufacture general equipment, according to a Friday filing with the Shenzhen bourse.
Joint venture partner Yu Jianrong invested 12 million yuan for a 40% stake.
Shares of the stainless steel fastener manufacturer closed more than 1% lower Friday.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.