Yongmaotai Automotive Technology to Build Manufacturing Base in Mexico for 450 Million Yuan

Shanghai Yongmaotai Automotive Technology plans to construct a precision machining production base for lightweight automotive components in Indonesia for $50 million, according to a Shanghai Stock Exchange filing on April 19.

The plant will produce approximately 5 million turbocharger housings every year.

The Chinese motor vehicle parts manufacturer will establish a subsidiary in Singapore, through unit Anhui Yongmaotai Automotive Components, as part of the plan. The Singaporean subsidiary will then set up another Indonesian subsidiary, Yongmaotai Automotive Components, which will manage the construction of the Indonesian plant.

Yongmaotai's shares fell 2% in recent trade.

This article was automatically generated by Dow Jones using technology from Automated Insights.

Stocks in Greater China were mixed on Wednesday.

Hong Kong's Hang Seng Index slipped 1.0% to 19261.50, and China's Shanghai Composite Index was flat at 3230.17. The Taiwan Taiex index fell 1.0% to 23407.33.

Among Hang Seng constituents, Sunny Optical Technology Group Co. Ltd. posted the largest decline, dropping 7.4%, followed by shares of Xiaomi Corp., which fell 5.0%. Shares of Zhongsheng Group Holdings Ltd. fell 4.7%.

WH Group Ltd. was the biggest gainer among companies on the Hang Seng, gaining 2.6%, and Netease Inc. gained 2.1%. Haier Smart Home Co. Ltd. rounded out the top three movers on Wednesday, as shares gained 2.1%.

Among large mainland China stocks, Zhejiang Aokang Shoes Co. Ltd. posted the largest decline, dropping 10%, followed by shares of Suzhou Secote Precision Electronic Co. Ltd. A, which dropped 10%. Shares of Shanghai Yongmaotai Automotive Technology Co. Ltd. A dropped 10%.

Darbond Technology Co. Ltd. A was the biggest gainer during the session, surging 20%, and EFORT Intelligent Equipment Co. Ltd. surged 15%. Giantec Semiconductor Corp. A rounded out the top three movers on Wednesday, as shares surged 14%.

In Taiwan, EverFocus Electronics Corp. posted the biggest decline among large companies, dropping 6.5%, followed by shares of Loop Telecommunication International Inc., which dropped 6.4%. Shares of TBI Motion Technology Co. Ltd. dropped 6.2%.

Gordon Auto Body Parts Co. Ltd. was the biggest gainer among large Taiwan companies during the session, surging 9.9%, and Ventec International Group Co. Ltd. surged 9.9% GEM Services Inc. rounded out the top three movers, as shares surged 9.9%.

On the currency front, the onshore yuan weakened 0.1% against the U.S. dollar to CNY7.33 while the New Taiwan dollar weakened 0.4% against the U.S. dollar at NT$32.89.

Data source: Dow Jones Market Data, FactSet