Is there a joint venture between Guangzhou and Hong Kong?

Guangzhou has a joint venture between Hong Kong and Guangzhou. Inquire according to relevant information. 1In June, 1995, Guangzhou Foreign Economic Relations and Trade Commission approved Guangzhou Zhenbao Bus Co., Ltd. as a joint venture between Guangzhou First Automobile Company and Hong Kong Yulai Co., Ltd., in which Guangzhou First Automobile Company accounted for 32% and Hong Kong Yulai Co., Ltd. accounted for 68% to distribute profits and bear risks. At that time, the operation scale was 120 air-conditioned buses and buses.