(Yicai Global) Dec. 5 -- A subsidiary under Yonggui Electric Equipment has won a parts supply contract with state-owned carmaker SAIC Motor as it continues to foray into the new-energy vehicle sector.

Sichuan Yonggui Science and Technology will provide high-voltage connectors for SAIC's electric vehicles, its Zhejiang-based parent said in a statement yesterday.

Shares in the parent [SHE:300351] rose on the news, climbing 3 percent to CNY8.59 (USD1.22) during the morning session.

Yonggui has already developed ties with a number of China's biggest EV makers through the subsidiary, which makes parts for one of the world's largest electric car manufacturers BYD, Great Wall Motors, BAIC, Geely, Dongfeng and Chery.

Editor: James Boynton