Jiangsu Hagong Intelligent Robot Co., Ltd (000584. SZ, HGZN) announced Monday that it has signed an agreement with Hyundai Heavy Industries Holdings Co., Ltd. on setting up a joint venture (JV), Hagong Hyundai Robotics Co., Ltd.
According to HGZN, the registered capital of the JV is 200 million yuan, of which HGZN or its wholly-owned subsidiary will invest 140 million yuan in cash, accounting for 70 percent of the shareholdings, while Hyundai Heavy Industries Holdings Co., Ltd. or its wholly-owned subsidiary will invest 60 million yuan in cash, representing a 30-percent stake in the JV.
Hyundai Heavy Industries Holdings Co., Ltd. is a South Korea-based and world-leading company principally engaged in manufacture and distribution of industrial robots. The company's products include industrial robots, cleaning robots, controllers and additional equipment.
According to HGZN, the registered capital of the JV is 200 million yuan, of which HGZN or its wholly-owned subsidiary will invest 140 million yuan in cash, accounting for 70 percent of the shareholdings, while Hyundai Heavy Industries Holdings Co., Ltd. or its wholly-owned subsidiary will invest 60 million yuan in cash, representing a 30-percent stake in the JV.
Hyundai Heavy Industries Holdings Co., Ltd. is a South Korea-based and world-leading company principally engaged in manufacture and distribution of industrial robots. The company's products include industrial robots, cleaning robots, controllers and additional equipment.
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