On May 22, Ningbo Huaxiang Electronic Co., Ltd. made a public announcement stating that it, along with Brembo S.p.A. and Brembo (Nanjing) Brake Systems Co., Ltd., inked a Shareholders' Agreement on May 21. This agreement paves the way for the establishment of two joint ventures in China, aimed at bolstering the localization and widespread adoption of products related to smart chassis technology.

Boxiang Zhiqu Future (Ningbo) Automotive Components Co., Ltd. will take charge of manufacturing electromechanical braking (EMB) systems and associated products, boasting a registered capital of RMB 100 million. In terms of equity distribution, Nanjing Brembo commands a 51% stake, while Ningbo Huaxiang holds the remaining 49%.

On the other hand, Boxiang Zhiqu Future (Shanghai) Automotive Technology Co., Ltd. will be entrusted with the sales of EMB products, with a registered capital of RMB 50 million. Here, the equity structure is reversed, with Ningbo Huaxiang holding a 51% stake and Nanjing Brembo securing a 49% stake.

Both parties have mutually agreed upon a five-year equity lock-up period, ensuring stability and commitment to the joint venture. Furthermore, they have set a joint venture cooperation period that can extend up to three decades, underscoring their long-term vision and dedication to this strategic partnership.