Joyson Electronics has farmed out a stake in its smart driving subsidiary Joy Next to investors including Baofeng Energy and Ningbo Gaofa Automotive Control System.

Joy Next, a China-based automobile and smart cockpit producer owned by components supplier Ningbo Joyson Electronics, has closed an inaugural RMB720m ($106m) round involving automotive producer Ningbo Gaofa Automotive Control System, China Money Network reported yesterday.

SDIC Investment, a subsidiary of government-owned private equity fund manager State Development & Investment Corporation, led the round, which also included coal miner and chemical products supplier Baofeng Energy.

The deal was rounded off by Cathay Auto Fund, Fangguang Phase II Venture and undisclosed…