Recently, Minshang Innovation & Technology (1632.HK) announced that Minshang Shenzhen, a wholly-owned subsidiary of the company, has signed a cooperation agreement with Beijing Bioenergy and Hainan Juneng. Based on this, Minshang Shenzhen, Beijing Bioenergy and Hainan Juneng have agreed to establish subsidiaries to develop renewable energy technology business.
The proposed name of the subsidiary is Xuke Hydroalcohol (Hainan) Technology Co., Ltd. (subject to final approval by the regulatory authorities), with a registered capital of 50 million yuan (unit: RMB, same below). Among them, Minshang Shenzhen will invest 25.5 million yuan in cash, equivalent to 51% of the registered capital of the subsidiary; Beijing Biotech Energy will invest 17.5 million yuan in cash, equivalent to 35% of the registered capital of the subsidiary; and Hainan Juneng will invest 7 million yuan in cash, equivalent to 14% of the registered capital of the subsidiary.
According to the announcement, Minshang Innovation and Technology has been actively exploring various opportunities to enhance the Group's competitiveness and enhance the company's value to its shareholders. The establishment of a subsidiary is the company's strategic initiative to explore opportunities in the emerging green and low-carbon industry, which is conducive to speeding up the deployment of renewable energy.
According to reports, Minshang Innovation Technology was founded in 2016 and officially changed its name to MSCTECH on September 7, 2018. The controlling shareholder is Minsheng E-Commerce, which holds more than 65% of its shares.
As the parent company of Minshang Innovation and Technology, Minsheng E-Commerce is led by Minsheng Bank Asset Management Co., Ltd. and co-sponsored by well-known private enterprises within the United Nations. Major shareholders include well-known companies such as Oriental Group, New Hope Group, Fosun Group, Giant Group, Shipowners Mutual Insurance Association, and Fuxin Group.