(Yicai) Sept. 17 -- Shares of Shenzhen Longhorn Automotive Electronic Equipment soared after the Chinese provider of intelligent electronics systems for automobiles received a letter of intent for a CNY2.5 billion (USD351.3 million) order.

Longhorn Auto [SHE: 301488] was trading up 12.6 percent at CNY214.99 (USD30.24) as of 2.20 p.m. in Shenzhen today.

Longhorn Auto will provide camera perception systems and AK2 radar systems under its advanced driver assistance system to a global automotive client for five years, the Shenzhen-based company announced yesterday, citing a recently received LOI. The mass production of the systems will start in April next year.

The LOI is not an order, and the actual value will be determined once the order is confirmed, Longhorn Auto noted, adding that this project will not have a significant impact on its financial results this year.

The project shows the client’s recognition of Longhorn Auto’s capabilities in research and development, production and manufacturing, quality management, and other aspects, and demonstrates its comprehensive strength in the automotive intelligent driving perception systems field, the firm pointed out.

Moreover, the project will raise the market share and brand awareness of Longhorn Auto’s products, which will positively influence its layout in the automotive intelligent driving market.

Longhorn Auto is a high-tech firm specialized in the research, development, design, manufacturing, and sales of smart driving perception systems for vehicles.

Editor: Futura Costaglione