China’s automobile design enterprise, IAT Automobile Technology Co., Ltd. IAT is planning to establish a joint venture dedicated to skateboard chassis, according to the company’s announcement on February 19th.

Photo credit: IAT

Per the announcement, IAT, its chairman Xuan Qiwu, Liu Jiangfeng, and Faristar HK) Investment Holding Limited will contribute to the joint venture, named Shenzhen Gecko Innovation Technology Co., Ltd.

The new joint venture will have a registered capital of RMB10 million, with Xuan Qiwu investing RMB400,000 personally, for 4% of the joint venture’s stake. IAT will contribute 1 million for 10% of the company’s stake, while Faristar HK) Investment Holding Limited will invest in RMB2.3 million for a 23% stake. Additionally, Liu Jiangfeng will put in RMB6.3 million for 63% of the company’s stake as the largest shareholder.

According to IAT, skateboard chassis is an upcoming territory in the auto industry. The joint venture signifies IAT’s devotion to branching out its business operations, elevating its technology development and competitiveness within the industry.

Notably, the joint venture’s legal representative and largest shareholder, Liu Jiangfeng, once served as the senior vice president of China’s telecom giant, HUAWEI, and the president of HUAWEI’s Honor smartphone subsidiary. Liu has also started multiple businesses on himself, such as grocery e-commerce, Dmall funded by Tencent smartphone gaming platform, Black Shark funded by Xiaomi and IoT smart door lock company, Youdian Home shareholder involve Foxconn’s subsidiary). His leadership provides ample resources for the new joint venture.