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HONG KONG, Apr 23, 2010 - (ACN Newswire) - China Innovation Investment Limited ("China Innovation" or "the Company", Stock Code: 1217.HK), the first investment expert focuses on the dual-use of 'Three-New Industry' in local capital market, is delighted to announce its remarkable annual results for the year ended 31 December 2009.
Driven by the gain on fair value change of equity securities and disposal of available-for-sale investments, the Group posted a turnaround with the profit amounted to HK$30,739,249 for the year ended 31 December 2009, while the loss attributable to owners of the Company in 2008 amounted to HK$28,164,843. Revenue dropped by 39.7% to HK$10,800,751, due to the decrease in the gain on disposal of financial assets at fair value and the dividend income. The Board of Directors does not recommend the payment of dividends for the year. During the reported year, China Innovation held investments in four unlisted companies namely Jinan LuGu (HK) Technology Development Limited, Blue Angel (H.K.) Limited (formerly known as SNG Hong Kong Limited), Takenaka Investment Company Limited and Dooda Innovation Limited which amounting to the carrying value of approximately HK$80,000,000. As at 31 December 2009, the Company held listed equity securities in Hong Kong in the fair value of HK$34,089,600.
China Innovation's investment objective is to strategically invest in a one-stop industry chain for "New Energy", "New Light" and "New Materials" by the integration of solar storage battery, LED/LCD backlight and lighting and energy conserving materials.
In the field of "New Energy", China Innovation completed the strategic investment in Topsun Creation Limited ('Topsun'). Topsun is an enterprise engaged in the field of new energy application and its business includes the research and development, production and sales of new energy of high capacities batteries for civil and military dual-used products. With the characteristics of high capacity, fully sealed and maintenance-free, these batteries are commonly used in tanks, submarines and barracks as well as civil vehicles and construction.
In "new light" industry, the Company completed the strategic investment in Dooda Innovation Limited ('Dooda'), and entered into a non-legal binding framework agreement with a vendor on the possible acquisition of a great portion of the issued share capital of C.G.E. (HK) Co., Limited ("CGE"). It also granted a first right of refusal to invest in China Opto-Electro Industries Co., Ltd ("COEI"), a wholly-owned subsidiary of CNGC under the capital restructuring of COEI. Dooda's main business 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; while CGE engages in R&D, production and sales of various series of the civil and military dual-application of LED and LCD backlight power supply, built-in power supply related optoelectronic products, electronic devices and provision of related technical services. Based on the dual-usage, the new light LED display and electrical products can be widely used in military and commerce, which provide reliable and competitive energy-saving products to meet the market standard and demand.
In "new material" industry, through the investment in Takenaka Investment Company Limited, the Company already invested in Zhenjiang Fujieda Copper Foil Company Limited which served as an important upstream supplier to produce civil and military dual-used copper foil materials with advanced technology for electronic products applying the concept of "new energy" and "new light". The Company also entered into the acquisition agreement with United Crown Century Company Limited ("United Crown Century" formerly named "Moral Glory Limited"), preparing for its investment in energy-saving "new materials" industry.
With its strategic investment through the "new energy", "new light" and "new materials" industry, the Company, will further apply the integration and usage of three new resources industries - The Company's investment in Blue Angel (H.K.)
Limited will be principally engaged in the production and assembly of solar electric cars, solar energy electronic books and solar energy advertising screens and other electronic innovations with the use of solar energy and LED technologies. The Company's investment strategy is to participate in "new energy", "new light" and "new materials" industries to maximize the future growth and development of these new resources industries.
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
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