Completion of Acquisition on Guangshuo New Energy - Active Development in Solar Energy Business
 
Jun 12, 2017
Category:

[12 June 2017, Hong Kong] LongiTech Smart Energy Holding Limited ("LongiTech Smart Energy" or the "Company", stock code: 1281) is pleased to announce the completion of acquisition on the stake of Lightway Power Holdings Limited ("Lightway Power") and Shining Delight Limited, and thereby obtained the 100% stake of Guangshuo New Energy.

LongiTech Smart Energy Holding Limited is a leading green city smart energy solutions provider in China. The Company aims to develop "Internet+" energy and strives to become a leading operator of energy big data Cloud Platform in China.

As mentioned in the announcement on 27 April 2017, LongiTech Smart Energy acquired Guangsuo New Energy at a consideration of approximately HK$130 million. Currently, Guangshuo New Energy is prinicipally engaged in the developing and operating of photovoltaic power stations, a total of 7 power stations including Jiangmen Lingzhi, Baiyangdian Meilu Estate, Baigou New Town, etc. The aggregate installed capacity is 23.51MW. Immediately upon acquisition, Mr. Wei Shaojun and Lightway Power will own 61.33% of the Company's shares.

Mr. Wei Qiang, Chief Executive Officer of LongiTech Smart Energy Holding Limited mentioned, "LongiTech now actively transform into distributed photovoltaic plants by undertaking investment, development and construction of distributed photovoltaic power stations. We aim to develop and sell power stations with an installed capacity of 40-50MW and 70-80MW of home photovoltaic system. After the acquisition, the total installed capacity of the Company will reach 54MW. The acquisition of Guangshuo New Energy, which its operating photovoltaic plants are all distributed power stations, is an extension and enlargement of the Group's solar energy business in China. It brings long-term benefits to the Company with generation of stable earnings and cash flow. In the future, LongiTech will continue to leverage our competitive edges and base on Cloud Platform to provide more distributed engery to the customers."

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About LongiTech Smart Energy Holding Limited
LongiTech Smart Energy Holding Limited ("LongiTech Smart Energy", stock code: 1281) is a leading green city smart energy solutions provider in China. Through its smart energy Cloud Platform, LongiTech provides extensive intelligent services, including smart operation and maintenance, power trade, distributed photovoltaic power and other value-added services. The Compnay commits itself to balanced development of demand side and supply side of energy consumption demand, mainly through the provision of extensive smart energy services including smart operation and maintenance, power trade and distributed photovoltaic power by smart energy Cloud Platform and the provision of the relevant consultation management services.

Enquiries:
Karl Cheung 852- 9813 9490
Candy Wong 852- 6178 2517

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