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HONG KONG, Feb 22, 2010 - (ACN Newswire) - Since the topics of environmental protection and low carbon economy have become so hot, the industry of renewable energy is though to enter a high-speed growth, companies with military and high technology background are in better positions. 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) equipped with a strong foundation in the development of its three new industries.
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 Company 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 a listed company on the GEM Board, China Trends Holdings Limited ("China Trends", formerly known as" QUASAR" Stock Code: 8171.hk) conferring 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, China Trends and CNGC founded an even closer and deeper connection. With CNGC's advanced military technologies and related applications for civil and commercial uses, the Company is furnished with strong support. Once the above potential projects under CNGC are consummated, it's believed China Innovation has a good opportunity to participate in the military industry in the PRC and its reputation and status in the military industry will be further enhanced.
As an investment expert focuses on the dual-use of 'Three New Industry' with CNGC's advanced military technologies, China Innovation established a firm platform for each aspect, in which the Acquisition Agreement with Topsun Creation Limited ('Topsun') set up a stage for new energy. In new light sector, the Company has completed the transaction on Dooda Innovation Limited ('Dooda'), and entered into a Framework Agreement with C.G.E. (HK) Co., Limited ("CGE"). China Innovation still invests on C-Micro Circuit Corporation and Zhenjiang Fujieda Copper Foil Company Limited, that supply internationally advanced technology in manufacturing LTCC (Low Temperature Co-fired Ceramic) products for new energy resources and new light resources. By doing so, the Company not only plays the roles in upper stream, but also participates in middle and lower stream, to grasp all the opportunities for 'Three New Industry'.
Contact:
Carmen Lee
Investor Relationship Department
China Innovation Investment Limited
Email: carmen.lee@1217.com.hk
Tel: 2111 9988
Direct: 2155 6275
Mobile: 6301 6611
Fax: 2111 9989
Topic: Press release summary
Source: China Innovation Investment Limited
Sectors: Daily Finance, Energy, Alternatives
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From the Asia Corporate News Network
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