BEIJING, Dec. 24 (Xinhua) -- 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. (Edited by Wu Shuang, wushuang2018@xinhua.org)
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