(Yicai) Feb. 6 -- Shares of Asia-Pacific Mechanical & Electronic surged by the exchange-imposed daily trading limit after the Chinese auto parts supplier said it signed a CNY1 billion (USD137 million) deal with a major Chinese automaker for new energy vehicle components.

Asia Pacific Mechanical [SHE: 002284] closed up 10 percent at CNY8.98 (USD1.23) as of 2.40 p.m. in Shenzhen today.

Asia Pacific Mechanical will provide integrated braking systems (one-box) for two NEV models of a leading Chinese carmaker for five years, with the mass production and delivery expected to begin in the first quarter of next year, the Zhejiang province-based company announced yesterday.

This supply deal will help the firm further penetrate the NEV market, Asia Pacific Mechanical added.

IBS (one-box) integrate multiple braking functions into a single module, offering advantages such as faster response time and higher precision. They also have a more compact structure, are lighter, and require easier maintenance, making them a key component for vehicles with smart driving capabilities.

Editor: Futura Costaglione