(Yicai) March 21 -- Hozon Auto, the Chinese carmaker owner of electric vehicle brand Neta, has received USD200 million from the Hong Kong government.

Hozon Auto signed a deal with the Hong Kong government yesterday to become the Chinese special administrative region’s key corporate partner, the Zhejiang province-based firm announced on WeChat yesterday. On top of the USD200 million financing, Hozon Auto will also receive a HKD200 million (USD25.6 million) subsidy.

Hozon Auto will build an intelligent research and development center and a big data center to develop localized smart new energy vehicles and a production base to promote the rapid development of smart NEVs worldwide in Hong Kong.

Becoming a key corporate partner of the Hong Kong government will help Hozon Auto enter a new stage of globalization, the automaker noted, adding that the SAR has multiple innovation and development advantages, so it is an excellent location for companies to expand overseas.

The Hong Kong government will continue to encourage R&D activities and apply their results to the market, promote new industrialization, nurture local talents, and strengthen cooperation with cities in the Guangdong-Hong Kong-Macao Greater Bay Area to build a more vibrant innovation ecosystem to move towards high-quality development, Hozon Auto pointed out.

Hozon Auto delivered 127,500 cars last year, completing only 51 percent of its annual sales target, according to official data. The firm aims to achieve annual sales of one million units by 2026. Of that, the domestic market would account for 65 percent, and the overseas market for the remaining 35 percent.

Editor: Futura Costaglione