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HONG KONG, Sept 23, 2015 - (ACN Newswire) - Neo Telemedia Limited ("Neo Telemedia" or the "Group;" stock code: 8167), with Internet-based services and big data as its core businesses, has announced that CNCC Logistics Equipment Co., Ltd. ("CNCC") has moved to the office of Smart New City in Foshan in August this year in order to launch related investment projects after its subsidiary Guangdong Bluesea Technology Company Limited("Bluesea Mobile") successfully acquired 43% of all of CNCC's equity interest in June this year. The Company plans to extend its business to LNG sources by providing supply and logistics services to clients through investment in related business facilities such as [skid-mounted LNG fueling stations] and LNG-distributed energy.
CNCC is a smart logistics equipment and services provider. It is principally engaged in the design, manufacture and sale of logistics equipment, such as containers, road transportation vehicles and emergency rescue equipment, and the provision of relevant technical advisory and support services. The scope of its business includes provision of terminal LNG equipment, development of lightweight special vehicles such as road rescue vehicles and cold chain logistics vehicles, and development and provision of components of light-weight logistics equipment; and operation of China-Russia freight transportation vehicles and intermodal transportation services over various networks along the way.
Regarding the development of CNCC's business, parties already investing in CNCC have collectively provided additional funds of RMB200 million (approximately HK$250 million) for the purpose of business development. Of the total, HK$107.5 million (43% of all equity interest) was funded by Bluesea Mobile. According to the investment plan, approximately HK$80.63 million is to be earmarked for 50 skid-mounted LNG fueling stations and related businesses, approximately HK$16.12 million is to be used for the construction of manufacturing facilities in Jinan, Shandong Province and the northwestern part of China and approximately HK$10.75 million is to be used in research and development as well as general working capital by CNCC.
With the rapid expansion of China's economy, promotion of the national energy conservation and emission reduction strategies and adjustment of energy structure, higher priority has been placed on the clean fuel LNG industry. The Ministry of Industry and Information Technology has clearly stated in the "Energy-saving and New Energy Vehicle Industry Development Plan 2011-2020" the intention to promote phased development in the scale of natural gas vehicles. By 2020, 10% to 20% of key vehicles in China will use clean energy, so the LNG market is expected to continue to grow strongly.
Capitalising on its leading position in operations within the logistics industry and market as well as the client base of its shareholder, CNCC has the added advantages of understanding the clients, location and marketing capabilities, and the strategic cooperation with China Aerospace also offers a technology edge.
The Company intends to secure customers through its leading LNG equipment and then extend the business to LNG sources by providing supply and logistics services to clients. Starting from the gas source, the Company has established cooperation with upstream gas suppliers through its shareholder thereby obtaining reliable gas supplies at a preferential price, which can save operational costs. Besides, its sophisticated logistics and delivery system also enables it to smoothly execute its strategy, which not only ensures long-term client relationships, but also brings more business opportunities and generates a long-term stable profit for the Company.
Contact:
Strategic Financial Relations Limited
Joanne Lam Tel: 852-2864 4816 Email: joanne.lam@sprg.com.hk
Grace Lai Tel: 852-2114 4313 Email: grace.lai@sprg.com.hk
Caley Chan Tel: 852-2864 4950 Email: caley.chan@sprg.com.hk
Fax: 852-2527 1196
Topic: Press release summary
Source: Neo Telemedia Limited
Sectors: Daily Finance, Daily News
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From the Asia Corporate News Network
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