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HONG KONG, Aug 25, 2010 - (ACN Newswire) - China Innovation Investment Limited ("China Innovation", Stock Code: 1217.HK), the company focuses on "four new industries", today announced its H1 2010 results for the periods ended 30 June 2010.
Financial Performance Review
During the reported period, China Trends recorded a total revenue of HK$187,505 (2009: HK$10,106,425). Loss attributable to owners of the Company was HK$ 4,120,242, while the profit for the corresponding period of 2009 was HK$ 7,314,299. Basic loss per share attributable to owners of the Company amounted to 0.06 cents (2009 eps: 0.14 cents). The directors do not recommend the payment of an interim dividend. The decrease in revenue was mainly due to the loss on disposal of financial assets at fair value through profit or loss.
Operation Review
As at 30 June 2010, the Company hold investments in four unlisted companies namely Topsun Creation Limited ("Topsun Creation"), Dooda Innovation Limited ("Dooda Innovation"), United Century Company Limited ("United Century") and Blue Angel (H.K.) Limited ("Blue Angel"), which amounting to total cost and carrying values of approximately HK$104,477,725 and HK$99,977,725 respectively. The Company also held Hong Kong listed equity securities and financial assets at fair value through profit or loss in the fair value of HK$33,898,800 and HK$ 2,530,000 respectively.
On 30 April 2010, the Company entered into a termination agreement with Kenon Holdings Limited, to terminate the framework agreement in connection to the acquisition of a substantial portion of the issued share capital of C.G.E. (HK) Co., Limited ("CGE"), which was mainly attributable to the need of internal reorganization of the shareholdings in CGE. The termination agreement will provide flexibility to the parties on seeking further cooperation.
On 7 June 2010, the Company and China Trends Holdings Limited ("China Trends", Stock Code: 8171.HK) jointly announced Dooda Innovation (China) Technology Development Limited, an investment in the PRC made by China Innovation through Dooda Innovation Limited, Boss (China) Information Systems Limited, a PRC subsidiary of China Trends and Huizhou TCL Lighting Appliance Technology Limited, a member of TCL Corporation (000100.SZ) entered into a stratregic cooperation framework agreement, to establish strategic cooperation on R&D, production, sales and distribution of energy-saving LED products under CEM business model to achieve the mutual benefits from sharing resources.
On 29 June 2010, the Company and China Trends jointly announced that, China Innovation, China Trends and China Oriental Numerical Control Company Limited, a subsidiary of CNIGC, entered into a Letter of Intent to cooperate in areas such as running and marketing of CEM operation by applying numerical control system on solar electric cars.
Outlook
Leveraging on our experience and well-connected network in the Mainland market over years, the Company accelerates its pace apparently in investing in military and civil dual-used charge storage batteries, new models of lighting products, eco-equipment materials and energy-saving media terminals respectively. With energy conservation as our development goal, we have achieved breakthroughs in realizing the military and civil dual-application in real projects.
By investing in the industries of "New Energy", "New Light", "New Materials" and "New Media", our objective is to form energy conservation solutions integrated with military and civil dual-application technology, such as solar photovoltaic energy, LED lighting, energy conserving materials and energy-saving media terminals, and to introduce innovative products to the market, including solar electric cars, solar energy electronic books and solar energy advertising screens.
For "New Energy", the Company completed the acquisition of Topsun Creation, which adopts the power reserve patent technology of military aviation as its own core to develop the strategy of "Production - Research - Preliminary Research" for the research and manufacturing of solar photovoltaic system. With features of high capacity, fully sealed and maintenance-free, the system is widely used in tanks, submarines, barracks and civil vehicles as well as construction, etc. It possesses a large room for growth and enormous development potential in both civil and military markets.
For "New Light", the Company completed the investment in Dooda Innovation, and was given with preference to make investment in China Opto-Electro Industries Co., Ltd, a subsidiary of CNGC. Dooda is principally engaged in design and sales of LED lighting products, possessing the capacity of research and development as well as sales of LED backlight and lighting products. Following the growing concern of green energy around the world, LED is gradually becoming the new light source, and the LED industry will demonstrate robust development in the future.
For "New Materials", the Company completed the investment in United Crown Century, which has duly entered into the market of military and civil dual-used energy-saving materials after reorganization. Such company is mainly engaged in R & D of energy-saving eco-materials for walls, and is a pioneer in the new energy-saving eco-materials industry in the Mainland.
For "New Media", with key investments in "New Energy", "New Light" and "New Materials" as aforesaid, the Group plans to further innovate and apply these three new resources industries. The invested company, Blue Angel has completed reorganization during the first half of the year and will be mainly engaged in producing and assembly of new products such as solar electric cars, solar energy electronic books and solar energy advertising screens with the use of solar energy and LED technologies, so as to develop a completed industry chain of four new energy and provide a one-stop production setting with synergy effect.
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: Press release summary
Source: China Innovation Investment Limited
Sectors: Daily Finance
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