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

MOMENTA-W (06880) announced that its wholly-owned subsidiary Momenta (Suzhou) Technology Co., Ltd. (Momenta Suzhou) has entered into an agreement with SAIC Motor Corporation and Yandian Technology Co., Ltd. (Yandian Technology) to jointly establish a joint venture with a registered capital of RMB300 million (name to be determined) (the JV). The registered capital of the JV will be subscribed as follows: (i) Momenta Suzhou will subscribe RMB153 million, accounting for 51% equity interest in the JV; (ii) SAIC Motor Corporation will subscribe RMB75 million, accounting for 25% equity interest in the JV; and (iii) Yandian Technology will subscribe RMB72 million, accounting for 24% equity interest in the JV. The establishment of the JV aims to deepen the Group's cooperation with SAIC Motor Corporation globally and across all vehicle platforms, providing high-level intelligent driving products and services covering L2, L3 and above. This move will elevate the strategic cooperation among the parties to a new level, help maintain long-term product leadership, and inject new momentum into enhancing the global competitiveness of all parties.