Saimo Technology to Invest 25 Million Yuan in Industrial Automation JV

MT Newswires Live

Jun 11

Saimo Technology (SHE:300466) will invest 25 million yuan to form a joint venture, Luoyang Saimo Kechuang, with Luoyang Kechuang Group and Hangtou Fund.

The 50-million-yuan venture aims to partner with local research institutes to develop industrial automation technologies, according to a Wednesday filing with the Shenzhen bourse.

Luoyang Kechuang Group and Hangtou Fund will contribute 24.5 million yuan and 500,000 yuan for respective stakes of 49% and 1%.

The intelligent detection products and control systems provider's shares were down less than 1% Wednesday.

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