Shanghai (ZXZC)- GAC Capital, the capital operation and equity investment & financing platform of GAC Group, last Friday inked a strategic cooperation agreement with Yuexiu Industrial Fund for the investment layouts focusing on the new energy vehicle (NEVs) and intelligent-connected vehicle (ICV) industrial chains, according to a post on GAC Group's WeChat account.

Signing ceremony; photo credit: GAC Group

The cooperation will leverage both parties' advantages in technologies, capital and other industrial resources, and their parent companies' industrial superiority in the Guangdong-Hong Kong-Macao Greater Bay Area.

Under the agreement, the duo will explore the joint launch of an investment fund, as part of efforts to help the Guangdong-Hong Kong-Macao Greater Bay Area build a world-class automobile industrial cluster.

GAC Capital was established to advance the industrial investment deployment for GAC Group, so as to drive the transition and upgrade of Guangzhou's automotive industry, said Zeng Qinghong, Chairman of GAC Group. It is roughly estimated that there have already been nearly 20 complete vehicle manufacturers and over 500 core auto parts suppliers in the capital of Guangdong province.

As a private equity investment management platform under Yuexiu Financial Holdings, Yuexiu Industrial Fund has already teamed up with GAC Capital in the aspects of funds and projects. They jointly invested in such firms as CanSemi, Jingwei Hirain, ArcSoft, Huayou New Energy, and Calterah, tapping the ICV-related domains like wafer manufacturing, IoV (Internet of Vehicles), visual algorithm, as well as millimeter-wave radar.