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HONG KONG, Aug 27, 2014 - (ACN Newswire) - China Dynamics (Holdings) Limited ("China Dynamics" or the "Group") (Stock Code: 476), a company proactively expanding its business into the new energy industry, has announced that "Beijing Motor City" has further increased its shareholding in the Group from 4.78% to 5.05%, representing 144,950,000 shares of the total shares of China Dynamics.
Established in the PRC in 2003, Beijing Motor City is under the supervision of the State-owned Assets Supervision and Administration Commission of Shunyi district, Beijing and is responsible for the development and management of the automotive manufacturing base in Beijing. This automotive manufacturing base has been recognised by the PRC government as a newly-industrialised demonstration base and an innovative and advanced technology demonstration base. Tenants of the automotive manufacturing base include renowned manufacturers in the automotive and aviation industries and operators of testing and certification facilities. Among the major projects that it has embarked on include lightweight research for an international aerospace manufacturer, engines for the aviation industry, composite materials, etc.
In April 2014, China Dynamics entered into a Joint Venture (JV) Agreement with "Huashun Tiansheng", a wholly-owned subsidiary of Beijing Motor City, to engage in the research, development and manufacture of lithium polymer batteries systems and control systems for electric vehicles. The JV Company is to be owned 51% by China Dynamics and 49% by Huashun Tiansheng. The JV Company is poised seize the opportunities from the subsidies provided to environmentally-friendly industries and electric vehicles by certain provinces and cities in the PRC. Huashun Tiansheng is principally engaged in the investment in new energy, new technology and new materials.
Mr. Cheung Ngan, Chairman of China Dynamics, said, "Capitalising on our expertise and R&D experience in lithium polymer batteries for electric vehicles, we are pleased to be able to strengthen our cooperative partnership with Beijing Motor City and enter into the potentially lucrative electric vehicle market in the PRC leveraging Beijing Motor City's production capability and business network. As we had previously also secured China Taiping as our strategic shareholder which further strengthened the Group's capital base and financial position, we are well-poised to achieve rapid growth in the new energy industry, in particular within the environmentally-friendly electric vehicles sector."
Contact:
Strategic Financial Relations Limited
Vicky Lee, Tel: 2864 4834, Email: vicky.lee@sprg.com.hk
Angela Ng, Tel: 2864 4855, Email: angela.ng@sprg.com.hk
Sadie Lam, Tel: 2864 4861, Email: sadie.lam@sprg.com.hk
Fax: 2527 1196
Website: www.sprg.com.hk
Topic: Press release summary
Source: China Dynamics (Holdings) Limited
Sectors: Daily Finance, Daily News
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From the Asia Corporate News Network
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