|
|
|
|
|
HONG KONG, Oct 15, 2010 - (ACN Newswire) - Joining hands with the Optoelectronic Bureau of China North Industries Group Corporation ("CNGC"), the largest military equipment producer in China, China Innovation Investment Limited ("China Innovation", Stock Code: 1217.hk) not only focuses on the potential investment in the dual-use of "new energy, new light, new materials, the Group also plans to step further in "new media" in order to build a complete layout of four new industries.
China Innovation, China Trends Holdings Limited ("China Trends", Stock Code: 8171.HK) and China Oriental Numerical Control Company Limited, a subsidiary of CNIGC in the PRC, entered into a Letter of Intent few months before. In which, the investee company of China Innovation will privide high efficiency electrical storage technology and products, China Trends will take part in the operation and marketing, while China Oriental Numerical Control will provide numerical control products and related technology. The three parties will work closely to carry out a comprehensive cooperation on new energy numerical control system.
In addition, the three parties agree to use the application of numerical control system in solar electric vehicle with the application of numerical control system at the elementary phrase. China Oriental Numerical Control will provide numerical control products for the investee companies of China Innovation. China Trends will take part in merchandising and operation for the cooperation by mean of CEM with a target of producing 1,000,000 solar electric vehicles. The three parties also agree on establishing a working team based on joint venture (if necessary), technology, product integration and operation model etc. to reach an exclusive partnership arrangement as soon as possible.
In fact, China Innovation and CNGC's relationship started since January 2008. Seeing the potential growth of dual-use technologies in both civil and military markets after the reform and share restructuring of the state-owned enterprises in the military industry, the Group teamed up with CNGC and has been granted a first right of refusal to invest in the New LED Lighting Project and New Solar Energy Project, namely Shanghai Morning Optoelectronic Technology Limited ("SMOTL") and Yunnan Tianda Photovoltaic Co., Ltd ("Yunnan Tianda") respectively. China Innovation has even been granted a first right of refusal to participate in the capital restructuring of CNGC Optoelectronic Projects and a right to introduce strategic investor(s) for the projects.
After that, China Innovation collaborated with China Trends to confer on the strategic partnership. Based on its first-right of refusal to invest in the LED Optoelectronic Projects of CNGC, China Innovation will provide support to China Trends, which ultimately offers strategic solutions and overseas distribution channels to the CNGC's optoelectronic enterprises.
In March, China Innovation, China Trends and CNGC built up an even deeper cooperation and entered into a cooperation letter of intent with Nanjing North Information Industry Group Co., Ltd. ("NNII"), a wholly owned subsidiary of CNGC. The three parties will make a joint investment in the share restructuring of Nanjing North Weihaw Optics Electronics Co., Ltd. ("NNWO") which is currently controlled by NNII. In June of the same year, China Innovation and China Trends further entered into a Framework Agreement with China Opto-Electro Industries Co., Ltd ("COEI"), a wholly-owned subsidiary of CNGC, in which China Innovation and China Trends have been granted a first right of refusal to acquire not more than 30% equity interests in COEI under the capital restructuring. The two companies also agree to contribute to COEI the first right of refusal to invest in SMOTL, Yunnan Tianda and NNWO to avoid potential competition.
In this way, China Innovation and CNGC founded an even closer and deeper connection. With CNGC's advanced military technologies and related applications for civil and commercial uses, the Group is furnished with strong support. Once the above potential projects under CNGC are consummated, it's believed China Innovation's reputation and status in the military industry will be further enhanced and the Group can even gain strategic advantage in four new industries of "new energy, new light, new materials and new media".
Contact:
Carmen Lee
Investor Relationship Department
China Innovation Investment Limited
Email: carmen.lee@1217.com.hk
Tel: +852 2111 9988
Direct: +852 2155 6275
Mobile: +852 6301 6611
Fax: +852 2111 9989
Topic: Business Plan
Source: China Innovation Investment Limited
Sectors: Daily Finance
https://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
|
|
|
|
|
|
|
|
