The company will initially buy 99% stake in China Smart, with the remaining 1% interest expected to be acquired in the near future.
China Smart owns electrical-systems specialist RENergy, which delivered RMB794.4m ($128m) worth of components to Ming Yang in 2014.
RENergy employs more than 550 people at its headquarters in Tianjin and in two nearby production facilities.
Ming Yang plans to integrate RENergy’s electrical control system technologies into its current product portfolio.
The acquisition will help Ming Yang to develop smart energy solutions and remote-access systems.
Ming Yang chairman and chief executive officer Chuanwei Zhang said: "The acquisition of RENergy marks a milestone in our transition to become a technology-driven, service-centric provider of comprehensive wind energy solutions.
"We are proud to announce that, as a result of this acquisition, in addition to developing WTG model designs, Ming Yang is expected to be capable of developing all major WTG components in-house, including blades, offshore super compact drive solutions and electrical control systems."
