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The company has issued an investment cooperation agreement and a supplemental agreement with Dongfang Optoelectronics, Zhu Jianqin and TC (BVI) on 18 January 2010, pursuant to which the conditions precedent to the establishment of the joint venture company were fulfilled. , Dongfang Optoelectronics, Mr. Zhu and TC (BVI) agreed to jointly establish a joint venture company (30%, 19% and 51% owned by Dongfang Optoelectronics, Zhu Jianqin and TC (BVI) respectively) to operate and manage energy-saving projects and LED lighting and • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • It is paid in part by way of the issue and allotment of the Consideration Shares (HK$18,400,000).
Early information supplement:
One of the top ten printed circuit board (PCB) manufacturers in China and Hong Kong, Dajin Precision Electric Holdings Co., Ltd. (Dajin Jingdian/The Group) (Stock Exchange No.: 0515) announced today that it has patented and operated LED lighting technology patents. Shenzhen Dongfang Optoelectronics Co., Ltd. (Oriental Optoelectronics) cooperation. Through contract energy management 1, we operate energy-saving projects such as LED street lamps, and design and manufacture LED lighting and packaging products.
The group accounts for 70% of the joint venture company and invests RMB 50 million in cash. The remaining 30% will be funded by Oriental Optoelectronics in cash, LED lighting technology and assets. It is estimated that the net profit of the joint venture company in the first and second financial years will be not less than RMB 30 million respectively.
Mr. Yang Kaishan, Chairman of Dajin Precision Power, said: The business opportunities of LED lighting are huge because of the large scale of the market and the support of government policies. In addition, our joint venture company has a variety of technology patents, which will help us to enter the market with unlimited potential in China. The establishment of the joint venture company is mainly to expand the business scope and source of income of the group. At present, the circuit board business is still the core business of the Group. With the support of Dongfang Optoelectronics in product application and advanced technology, we have successfully developed a PCB specially designed for LED products, far exceeding the gross profit margin of our existing products.
The Chinese government has promised to replace the current 48 million street lights as LED lights. This saves 40% of energy. In this year, the Chinese government has launched a plan of 10 cities and thousands of miles of LED lighting, with more than 20 participating provinces, including Beijing, Shanghai, Shenzhen, Wuhan, Heilongjiang and Hebei. In the next three years, the market demand has reached 25 million LED street lights. Our primary target market is Guangdong Province, which has reached 3.5 million LED street lights.
Mr. Zhu Jianqin, President of Dongfang Optoelectronics, said: Dajin Jingdian's listed company platform allows us to quickly promote products to local governments and quickly occupy the market. In addition, our technology and the integration of Dajin Precision's special PCB manufacturing, and the financial and management support of listed companies, we are confident that in the near future, we can successfully obtain LED street lights in the 10 cities of China. Order. Our contracted energy management program has a unique positioning to ensure a relatively high level of profitability.
Remarks:
Contract energy management is a new type of market-oriented energy-saving mechanism that reduces the energy costs to pay for the full cost of energy-saving projects. This energy-saving investment method allows customers to upgrade their plants and equipment with future energy-saving benefits to reduce current operating costs; or energy-saving service companies provide energy-saving services to customers by committing energy-saving benefits to energy-saving projects or contracting overall energy costs. The energy management contract is signed between the enterprise (user) and the energy-saving service company that implements the energy-saving project, which helps to promote the implementation of energy-saving projects. According to the specific business methods, it can be divided into shared contract energy management business, committed contract energy management business, and energy cost custody contract energy management business.
Shenzhen Dongfang Optoelectronics Co., Ltd. was established in 2003. Its main business is the design, production and distribution of LED lighting.
Dajin Jingdian Holdings Co., Ltd. was listed in 2006 and is one of the top ten circuit board manufacturers in Hong Kong and China. Dajin is a one-stop board manufacturer that provides circuit boards to multinational companies, large Chinese brands and electronics manufacturing services companies. Products are widely used in consumer electronics, computer and computer peripherals, communications equipment and automotive electronics. Has established business relationships with a wide range of customers throughout China, the United States, Europe, Japan, Korea, Hong Kong and Singapore. There are two production plants in Zhongshan City. In October 2009, a subsidiary was established to manufacture, sell and install LED street lights in China. 