(Yicai) July 1 -- Shares of Kaizhong Precision Technology soared by the exchange-imposed daily trading limit after the Chinese supplier of electrical connectors said it received an order estimated to be worth CNY1.4 billion (USD186 million) from a European carmaker.

Kaizhong [SHE: 002823] was trading up 10 percent at CNY13.42 (USD1.85) as of 2.05 p.m. in Shenzhen today.

Kaizhong received a notice to become the designated precision connector product supplier for the batteries and driving motor core modules of the new energy vehicles of a leading European automaker, the Shenzhen-based company announced late yesterday, without revealing any further details.

For years, Kaizhong has been producing integrated precision components for NEVs with high-performance capabilities and strong flame-retardant properties, being able to work in extreme conditions, such as high voltage and high current.

Sales revenue from overseas clients accounted for 54 percent of Kaizhong’s total last year, according to the company’s latest annual report. Its main international automotive clients are Daimler and Toyota Motor, while its leading global auto part customers include Robert Bosch, ZF Friedrichshafen, Mahle, and Denso.

Revenue from the NEV component business, which includes battery pack parts such as cell frames and busbars, driving motor connectors, electronic control system inverter components, and automotive lightweight parts, accounted for nearly a quarter of the firm’s total revenue last year, according to the financial statement.

Editor: Futura Costaglione