A move by DaimlerChrysler AG to acquire 24% of China-based pickup and truck manufacturer Beiqi Foton Motor Co. awaits approval of Chinese regulators.

Beiqi shareholders must also approve the deal, which sees DaimlerChrysler pay 817 million RMB ($104 million) in exchange for 297 million A-shares of Beiqi stock. The Chinese auto maker also issues 129 million shares to the state for the same price DC is paying.

Foton says it will use the cash infusion to upgrade technology.