Shanghai Beite Technology (SHA:603009) plans to construct a planetary roller screw production base with an investment of 1.85 billion yuan, according to a Tuesday filing on the Shanghai Stock Exchange.
The base will be built in two phases, the filing said.
The Chinese producer of automotive steering and shock absorber parts signed an agreement with the committee of the Jiangsu Kunshan Economic and Technological Development Zone in China to be able to build the base in the area.
Shares of the company rose less than 2% in recent trade.
Price (RMB): ¥24.50, Change: ¥+0.44, Percent Change: +1.83%
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