Continental AG and China Unicom sign a strategic cooperation agreement to set up a joint venture to provide solutions to the intelligent transportation system (ITS) in Shanghai on April 19. [Photo/en.shhqcbd.gov.cn]

Jiang Zhengxin, senior vice president of China Unicom, also made a speech at the ceremony, in which he said he expected the joint venture to be able to provide world-class software and hardware integrated solutions and operational services, making use of both sides' international advantages and core service abilities.

Continental AG and China Unicom have both taken a 50 percent holding in the new company, which will be located at No. 1226 Shenbin Nan Road, the main functional zone of Hongqiao CBD. According to the unveiling ceremony, the company has already received its first ITS order.