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Huaxiang Co., Ltd. and Huayu Automotive Systems (Shanghai) Co., Ltd. announced a joint venture, Huaxiang St. Mande (Shanghai) Automotive Systems Co., Ltd., with Huaxiang contributing 429 million yuan in cash and Huayu Shanghai contributing its 100% stake in St. Mande Shanxi valued at 184 million yuan, for a total investment of about 613 million yuan. Huaxiang will hold 70% and Huayu Shanghai 30%.