Steedoriental (08277) announced that, after the trading hours on July 25, 2024, its indirect wholly-owned subsidiary, Wan Jia Lai, and Hainan Intercity formally established a joint venture company with a proposed registered capital of RMB 10 million. After the establishment of the joint venture company, Wan Jia Lai will contribute RMB 5.1 million in cash as the registered capital of the joint venture company, accounting for 51% of the joint venture company's equity. The joint venture company plans to invest in and operate (including) new energy technology research and development as well as energy storage technology service business.
Supported by national policies and the prospects of carbon neutrality and new energy development, the joint venture company will be committed to energy management and operation mode of combined digital technology, energy storage technology and energy saving technology. The joint venture company plans to build a modern energy system that is clean, low-carbon, safe, efficient, and low-cost, in order to achieve economic and social benefits. The board of directors believes that through the establishment of the joint venture company and with the experience of Hainan Intercity in the new energy industry, there is great potential for business growth in the new energy market. In the long run, investing in new businesses can generate potential commercial value.
