Singapore Investment Corp (GIC), the city-state's sovereign wealth management vehicle, has acquired an 18% stake in Shanghai-based Advanced Leading Technology Group (ALT), a Chinese auto electromechanical system design and integration firm.
Financial details were not disclosed.
Established in 2000, ALT designs and manufactures software, firmware and key components including motors, sensors and electronic control units.
"We are confident that this investment will help us to capture rising demand of ADAS (Advanced Driver Assistance Systems) and EV (electric vehicle) in the China market," said Jack Chen, founder and chairman of ALT, in a statement.
ALT focuses on Electrical Power Steering (EPS) and Adaptive Front-lighting System (AFS), both are...
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