On September 27, Guangdong Hongteo Technology Co., Ltd. announced a new plan to set up a joint venture among three companies, namely Guangdong Hongteo Accurate Technology (Taishan) Co., Ltd., Chongqing Mingxin Machinery Manufacture Co., Ltd., and Chongqing Yuyue Technology Consulting Partnership (General Partnership). The first two companies were initially planning to set up a joint company between the two and Chongqing Yuyue Technology Consulting Partnership (General Partnership) will join the initiative as the third partner. In the new plan, the shareholding ratio of Guangdong Hongteo Accurate Technology (Taishan), a wholly-owned subsidiary of Guangdong Hongteo Technology, will be smaller. The tentative name of the new company is Hongteo Technology (Chongqing) Co., Ltd. It’ll have a registered capital of Chinese yuan (CNY) 30 million. It’ll be owned 40% by Guangdong Hongteo Accurate Technology (Taishan), 40% by Chongqing Mingxin Machinery Manufacture and 20% by Chongqing Yuyue Technology Consulting Partnership.  The new company is going to design, manufacture, machine and sell aluminum alloy precision die-casting products, car parts and components, dual clutch transmission (DCT) related parts for automobiles, and communication equipment parts. (From a corporate announcement of Guangdong Hongteo Technology at Stock Exchange Market on September 27, 2018)