(Yicai Global) July 25 -- Zhejiang Goldcard High-Tech Co. [SHE:300349], an intelligent gas meter developer, will set up a joint venture with six other companies, including Guizhou Gas Group Corp. Ltd., to set up an Internet of Things (IoT) technology firm and develop smart gas meters and other products.

Total investment in the new joint venture will reach CNY30 million (USD4.5 million), of which GoldCard will invest CNY3 million for a 10-percent share, the company said. Guizhou Gas will be the largest shareholder with a 21-percent stake.

GoldCard will be responsible for developing smart gas meters and related software for the joint venture, and carrying out research and development efforts on intelligent metering and IoT cloud services. Guizhou Gas will be one of the first major clients for the new firm.

Guizhou Gas is the largest integrated gas company in Guizhou province, a less-developed region in the south of China, with over 1.43 million household clients and 7,127 industrial and commercial clients, public data show.