By Li Panpan

(JW Insights) Jul 5 -- Southern China's Guangzhou-based auto company GAC Group established a new company with electronics device maker Luxshare ICT to pursue new opportunies in automotive components and systems.

Togther with GAC's subsidiary GAC Components, they registered a new company in Guangzhou called Lisheng Automobile Technology (立昇汽车), as shown on Tianyancha, one of China's corporate registration and due diligience platforms. Both hold each 45% of the company's shares, with a registered capital of RMB500 million ($69.11 million),

The company's business scope includes R&D, manufacturing and sales of auto parts, accessories, smart vehicle equipment, IoT equipment and IC chips.

Founded in 1954, GAC Group is a leading state-owned automobile manufacturer headquartered in Guangzhou, Guangdong.

Luxshare ICT, based in Dongguan of Guangdong Province, established its reputation as a quality supplier to Apple. It was eastablished in 2004 and listed on the Shenzhen Stock Exchange in September 2010. It provides cable assembly and connector system solutions for global clients in consumer, automotive, cloud, and enterprise applications.