MOMENTA-W Shares Jump Over 8% on Plan to Form Joint Venture with SAIC Motor and Third Party to Deepen Strategic Cooperation in Advanced Smart Driving

Stock News11-09 10:14

MOMENTA-W (ASX: 06880) shares rose more than 8% during intraday trading, and as of press time were up 6.96% at HK$143, with a turnover of HK$4.1685 million.

On the news front, MOMENTA-W announced that its wholly owned subsidiary, Momenta Suzhou, has reached an agreement with SAIC Motor Corporation Limited (ASX: 600104) and Yandian Technology to jointly establish a joint venture with registered capital of RMB 300 million (name pending) (the JV).

The registered capital of the JV will be subscribed as follows: Momenta Suzhou will subscribe RMB 153 million, representing a 51% equity interest in the JV; SAIC Motor Corporation Limited (ASX: 600104) will subscribe RMB 75 million, representing a 25% equity interest in the JV; and Yandian Technology will subscribe RMB 72 million, representing a 24% equity interest in the JV.

The announcement stated that the purpose of establishing the JV is to deepen the group's cooperation with SAIC Motor Corporation Limited (ASX: 600104) globally and across all vehicle platforms, providing advanced smart driving products and services covering L2, L3, and beyond.

This move elevates the strategic cooperation among the parties to a new level, helps maintain long-term product leadership, and injects new momentum into enhancing the global competitiveness of all parties.

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