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HONG KONG, Apr 20, 2010 - (ACN Newswire) - China Innovation Investment Limited "China Innovation", Stock Code: 1217.HK) is delighted to announce that, the Company is expected to record a profit for the year ended 31 December 2009 as compared to a loss for the year ended 31 December 2008. With the great news of positive profit, China Innovation's share price opened 3.8% higher at HK$0.081 today, and had once surging close to 13% at HK$0.088.
The board of directors of China Innovation revealed that, the Company is expected to record a profit for the year ended 31 December 2009 as compared to a loss of HK$ 28.16 million for the year ended 31 December 2008, mainly attributable to the change in fair value of the investment properties as a result of recent turnaround of the property market in Hong Kong.
The Company is still in the process of finalizing the audited financial statements of the Company for the year ended 31 December 2009, which is expected to be published on 22 April 2010(coming Thursday).
As the first investment expert focuses on the dual-use of 'ThreeNew Industry' including "New Energy Resources", "New Light Resources" and "New Materials" in the local capital market, China Innovation put a lot of effort on the sector of environmental protection, and assists to build up a harmony society with the Government's low carbon policy.
China Innovation has entered into the Acquisition Agreement with Topsun Creation Limited ('Topsun') last year. Topsun's business includes the R&D, production and sales of new energy batteries with high capacities for civil- and military-use.
The Company has also completed the acquisition on Dooda Innovation Limited ('Dooda') last year and entered into the Acquisition Agreement with C.G.E. (HK) Co., Limited ("CGE"). The investment in Dooda consists of the R&D, production and sales of the dual-use of LED backlight and lighting technology in both military and civil market sector, with the aim to apply the new LED lighting technology with a focus on industrial design to improve the human-machine interface and quality of civil and military dual-used products.
Besides, the Company still invest on Zhenjiang Fujieda Copper Foil Company Limited, that supply internationally advanced technology in manufacturing copper foils products for new energy resources and new light resources. The Company also entered into the subscription agreement with United Crown Century Company Limited ("United Crown Century", formerly named "Moral Glory Limited") to acquired convertible note, hoping to further step into the energy-saving material market.
In this way, the Company not only plays the roles in upper stream, but also participates in middle and lower stream, to grasp all the opportunities in 'ThreeNew Industry', including "New Energy Resource", "New Light Resource" and "New Material" with promising return.
Topic: Press release summary
Source: China Innovation Investment Limited
Sectors: Alternative Energy
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From the Asia Corporate News Network
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