(Yicai) May 31 -- Shares of Zhenyu Technology rose after the Chinese precision mold and structural part supplier said it got an order for motor components from a unit of new energy vehicle startup Nio that will likely bring revenues of CNY2.2 billion (USD304 million).

Zhenyu [SHE: 300953] jumped 2.7 percent to CNY63.38 (USD8.93) a share as of 1.10 p.m. in Shenzhen today, after earlier surging by as much as 3.9 percent.

Zhenyu's subsidiary Suzhou Fine Stamping received an order for stators and rotor cores from Nio's unit on May 29, the Ningbo-based company announced late yesterday. The products will be supplied from this year to 2027, it added.

The stator and rotor core are important components of the motor and generator, and their structure and performance can significantly impact the motor's operational efficiency.

The transaction is expected to benefit Zhenyu's operating income and profit in next several years but may not significantly affect its financial results this year, according to the company.

Zhenyu's motor core products have been used by BYD, Huawei Technologies' car-making partner Seres Group, Li Auto, and Zeekr Intelligent Technology, the electric vehicle unit of Geely Holding Group, it said in its 2023 earnings report.

Editor: Martin Kadiev