(Yicai Global) March 14 -- Chinese smart controller maker H&T Intelligent Control, a Chinese maker of smart controllers, received a EUR246 million (USD263.3 million) standing order from a unit of BorgWarner, an existing client and one of the world's leading auto part suppliers.

H&T will provide BorgWarner Emissions Systems Portugal with liquid heating controllers for nine years, the Shenzhen-based firm announced late yesterday, citing the supply deal it penned with the BorgWarner unit.

Founded in 2000, H&T mostly makes smart household controllers. It sold CNY101.1 million (USD14.7 million) worth of products to BorgWarner in the first nine months of 2022, accounting for 2.3 percent of its total revenue in the period, the company said.

Signing a long-term supply deal with a key client in the car electronic controller field shows BorgWarner's recognizes H&T's comprehensive strength, the firm added, noting that the positive impact of the order on its financial performance will be seen mainly after this year.

H&T reported a net profit of CNY332 million in the first three quarters of 2022, down 24 percent from a year earlier, per the firm's latest financial report. Revenue rose 1 percent to CNY4.4 billion (USD640.3 million).

H&T's stock [SHE: 002402] fell 0.6 percent to end at CNY16.14 (USD2.35) today, after gaining as much as 2 percent in the morning trading session. The broader Shenzhen market retreated 0.7 percent.

Michigan-based BorgWarner operated in more than 20 countries as of the end of last year, employing nearly 53,000 people and achieving sales of USD15.8 billion, according to its website.

Editor: Futura Costaglione