Shanghai Highly (Group) Co Ltd in Jinqiao Development Zone signs a contract with Italian automotive supplier Magneti Marelli earlier this month. [Photo/WeChat account: gh_01c6f7b4cf3d]

Shanghai Highly (Group) Co Ltd in Jinqiao Development Zone of the China (Shanghai) Pilot Free Trade Zone signed a contract with Italian automotive supplier Magneti Marelli earlier this month, local media reported on Sept 15.

According to the agreement, Shanghai Highly (Group) Co Ltd will purchase 60 percent of Magneti Marelli's Hong Kong branch. The deal is scheduled to be completed in January 2021, and the two sides will set up a joint venture company named Highly Marelli in Hong Kong.

Shanghai Highly (Group) Co Ltd is the world's leading research and development (R&D) manufacturer of core components and cooling and heating related products for white home appliances and new energy vehicles, with its products sold to 165 countries and regions across the world. 

The company's primary business is air conditioning compressors, and it currently houses several advanced technology centers and laboratories. It has developed more than 1,000 energy-saving machines and has a global market share of 14 percent. 

Highly Group currently has four world-class green factories (Shanghai, Nanchang in Jiangxi province, and Guangdong province in China and one in India), and eight technology service centers globally, offering its clients high-quality services and technical support.