MOMENTA-W (06880) plans to establish a joint venture with SAIC Motor Group and Yandian Technology

According to Zhitong Finance App, MOMENTA-W (06880) announced that Magic Gate (Suzhou) Technology Co., Ltd. (Magic Gate Suzhou), a wholly-owned subsidiary of the Company, has reached an agreement with SAIC Motor Group Co., Ltd. (Yandian Technology) to jointly establish a joint venture (name to be determined) (joint venture) with a registered capital of RMB 300 million.

The registered capital of the joint venture will be pledged as follows: (i) Magic Tower Suzhou will pledge RMB 153 million, accounting for 51% of the joint venture; (ii) SAIC Motor will pledge RMB 75 million, accounting for 25% of the joint venture; and (iii) Yanden Technology will pledge RMB 72 million, accounting for 24% of the joint venture's shares.

The joint venture was established to deepen cooperation between the Group and SAIC Motor Group on a global scale and on all vehicle platforms to provide advanced intelligent driving products and services covering L2 and L3. This move elevates the strategic cooperation of all parties to a new level, helps maintain long-term product leadership, and injects new impetus into the improvement of the global competitiveness of all parties.