Huali Industrial (SHE:300979) agreed to invest 200 million yuan to establish a joint venture with Anqing Anxin Sporting Goods, according to a Shenzhen bourse filing on Friday.
The venture, Emeishan Yongbang Shoes, will have a registered capital worth 250 million yuan and will manufacture footwear.
The footwear company will own 60% of Yongbang Shoes.
The company's shares fell 3% at the close.
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