On November 1, 2021, Grandway Announced that 300745.SZ it entered into a Shareholders' Agreement with Lear (Mauritius) Limited ("Lear Mauritius") on November 1, 2021. The Company intends to use its own funds to establish a joint venture with Lear Mauritius in Shenzhen Shenzhen Xinrui Lear Electronic Control Technology Co., Ltd. (the final name approved by the market supervision and management department, the "Joint Venture Company") to sell auto parts, the registered capital of the joint venture company is 2 million US dollars, of which the company subscribed to contribute 1.02 million US dollars, accounting for 51% of the registered capital of the joint venture company, Lear Mauritius subscribed to contribute 980,000 US dollars, accounting for 49% of the registered capital of the joint venture company.
Lear Mauritius is a wholly owned subsidiary of Lear Inc., a global Tier 1 automotive supplier headquartered in the United States that designs, develops, manufactures and supplies automotive seating systems and electrical and electronic systems.
The purpose of the joint venture company is: the two parties shall achieve resource sharing and complementary advantages in accordance with the principles of mutual trust, equality and mutual benefit, and strive to promote the joint venture company (i) to introduce efficient, advanced and appropriate technology for the design, development and sales of automotive vehicle charger products, (ii) the use of advanced scientific management systems and sales methods, (iii) to the target customer's designated brand vehicles in terms of performance, quality and price competitive products, to bring the greatest economic benefits to the joint venture company.
The investment is conducive to integrating Lear and its capabilities in advanced on-board chargers, forming complementary advantages, and in the future, with the help of Lear's global channels and cooperation with the company's Shanghai fully automated factory, further expand the customer base of local and global automakers, and help the world achieve green mobility. It is in line with the interests of all shareholders and the company's long-term development strategy. In the future, according to the needs of business development and the progress of new project development, the two sides will further discuss whether to expand the scale of the joint venture business.
This article originated from Grand Gateway
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