Switches on "6 Meters Mid-Sized New Energy Bus" and "8 Meters And 10.5 Meters New Energy Vehicle" Development Projects
HONG KONG, May 6, 2015 - (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, today announced latest details of the New Energy Vehicle Cooperation Agreement among its indirect wholly-owned subsidiary Chongqing Sinocop New Energy Motor Technology Company Limited ("Chongqing Sinocop"), and its indirect non-wholly-owned subsidiary Chongqing Suitong Industrial Company Limited ("Chongqing Suitong") as well as Chongqing Liangjian New Area Innovation Venture Investment and Development Company Limited ("Chongqing Liangjian"), which is aligned with the principal terms of the Strategic Cooperation Agreement committed on 1 April 2015.
Pursuant to the Agreement, development projects of "6 meters mid-sized new energy bus" and "8 meters and 10.5 meters new energy vehicle" will be switched on. In which, it has been agreed that Chonqging Liangjian will assist to obtain relevant production approvals authorization for Chongqing Suitong and seek quality suppliers, as well as to develop new energy vehicle market in Chongqing and refer potential customers to Chongqing Sinocop. While Chongqing Sinocop will take the lead in coordinating with various parties involved in the project and act as the primary sales and distribution channel of the new energy vehicle manufactured. And Chongqing Suitong will be responsible for manufacturing some of the components using the technologies of Chongqing Sinocop and Chongqing Liangjian.
For "6 meters mid-sized new energy bus" project, the Group expects that the relevant production approvals authorization for new energy vehicle manufacturing operations will be obtained in May and sales of 20 units is expected between June and August this year. In addition, for "8 meters and 10.5 meters new energy vehicle" project, the Group believes that pre-order sales of 80 units from Wulong County, Chongqing will be obtained between May and June. Mr. Cheung Ngan, Chairman of China Dynamics, said, "Currently, the population of Chongqing is about 33.8 million and there are more than 10,000 buses on the road in the city. The signing of the cooperative agreement with Chongqing Liangjian not only provides the group a new energy vehicle development and production platform but also improves qualification for the Group to stimulate order sales. The agreement also demonstrates our unique advantages in core technologies including a dedicated electric vehicle control system, a motive battery system, and vehicle integration and vehicle lightweight technologies. Meanwhile, we are leveraging Chongqing Liangjian's position as the only promotion unit in the new energy vehicle industry under the Chongqing Municipal Committee and Chongqing Municipal Government. In addition, our investment strategies are in line with Liangjian New Area's investment strategy which is based in Chongqing to serve the southwestern region; and focuses on the domestic and overseas markets through the dynamic Yangtze River Valley economy."
About China Dynamics (Holdings) Limited
China Dynamics (476) is a provider of new energy vehicles and technology integrated solutions. It owns a leading proprietary core technology for lithium polymer solid batteries and permanent magnet synchronous motors with an integrated controller system. In February 2014, the Group has secured a tender from the Hong Kong Productivity Council for the design, fabrication and supply of permanent magnet synchronised motor systems and battery-powered systems for the first-ever locally branded electric buses in Hong Kong.
About Chongqing Liangjian New Area Innovation Venture Investment and Development Company Limited
Chongqing Liangjian is a state-owned company which is 70% owned by Chongqing Technology Financial Group Limited*and 30% owned by Chongqing Liangjian New Area Development and Investment Group Limited*, with a registered capital of RMB 100 million. Chongqing Technology Financial Group Limited*is a technology financial company incorporated and managed by Chongqing Science & Technology Commission*to strengthen the management of technological state-owned assets. The registered capital of Chongqing Liangjian New Area Development and Investment Group Limited*is RMB 10 billion,which is a state-owned company established by Chongqing Liangjian New Area Management Committee*to accelerate the key infrastructure construction in the Chongqing Liangjian New Area.
Source: China Dynamics (Holdings) Limited
Contact:
Strategic Financial Relations Limited Vicky Lee +852 2864 4834 vicky.lee@sprg.com.hk Grace Lai +852 2114 4313 grace.lai@sprg.com.hk Charmaine Chung +852 2114 4953 charmaine.chung@sprg.com.hk Fax: 2527 1196 Website: www.sprg.com.hk
Copyright 2015 ACN Newswire . All rights reserved.
