(Yicai Global) Oct. 23 -- Shares of Kaizhong Precision Technology jumped after the Chinese supplier to Bosch, Daimler and Continental said that it will join hands with Toyota Group's trading arm to make electric vehicle parts for Japanese auto companies.

Kaizhong's stock price [SHE:002823] surged more than 5 percent after which it was 1.7 percent up at CNY11.69 (USD1.80) by noon.

The Shenzhen-based firm and Toyota Tsusho consider forming a joint venture to extend business cooperation beyond China's borders, according to a deal signed by the two sides yesterday. The JV would develop new electric vehicle parts and upgrade existing services. The two could discuss equity investment opportunities, too.

The agreement should help Kaizhong leverage more opportunities in the Japanese electric vehicle parts market, the company added.

Editor: Emmi Laine