(Yicai Global) May 25 -- Shares in Mianyang Fulin Precision Machining hit the 10 percent daily up limit today after the parts maker revealed a five-year deal to supply parts for tech giant Huawei’s electric vehicle system.

Fulin Precision stock [SHE:300432] opened up at the maximum at CNY11.66 (USD1.63) and was still there as of 1.33 p.m.
Huawei will buy vehicle retarders and related parts from Sichuan province-based Fulin, the supplier said in a statement without disclosing financial details. The pair will also work together to develop tech for vehicle power systems, it added.

Telecoms equipment behemoth Huawei does not make electric vehicles itself, but produces digital communication systems for connected vehicles and has already become a leading player in the sector.

Editor: James Boynton