Beijing (ZXZC)- Joyson Electronics, China’s leading component supplier for global automotive manufacturers, announced that it has set up a new automotive safety company last month in Anhui Province and seeking outside investors.

Photo credit: Joyson

According to the announcement, investors of the newly formed Anhui Joyson Holdings include the State Council authorized Advanced Manufacturing Fund (Phase I and Phase II), Hefei Jianheng New Energy Investments Partnership, and Feixi Industrial Investment Holdings.

Joyson Electronics and the Advanced Manufacturing Fund will contribute their equities in Joyson Auto Safety Holdings S.A. for shares from the new Anhui Joyson Holdings. The Advanced Manufacturing Fund (Phase II) will invest RMB1.5 billion ($234.52 million), Hefei Jianheng New Energy Investments Partnership will invest RMB600 million ($93.8 million), and Feixi Industrial Investment Holdings will put in RMB400 million ($62.54 million).

Upon completion of the transactions, Joyson Electronics will own a 70% stake of Anhui Joyson Holdings, and the others will share the rest 30%. Anhui Joyson Holdings will account for 86% of Joyson Auto Safety Holdings S.A., and the rest 14% remains in the hands of PAGAC Tea Holdings.

Notably, Joyson Electronics’ mainstay business, the automotive safety sector, reported RMB17.3 billion ($2.7 billion) in revenue during the first half of this year, increasing 19.19% from a year ago.

The company also received multiple orders from major automakers in China, including Changan Auto, Great Wall Motor, GAC Group, FAW Group, SAIC Group, and JAC Group. E.V. startups like XPeng and NIO are also clients of the company.