LongiTech Smart Energy Disposing Non-core Businesses Rapidly Develops Smart Energy and Solar Energy Businesses
Jul 13, 2017

[30 June 2017, Hong Kong] LongiTech Smart Energy Holding Limited ("LongiTech Smart Energy" or the "Company", stock code: 1281) is pleased to announce the disposal of non-core businesses of sales of doors and windows and construction services.

LongiTech Smart Energy and Marvel Asia Trading Limited as the purchaser entered into the disposal agreement under which the Company agreed to sell the entire issued share capital of Trade Up Business Limited to the purchaser with a consideration of HK$56,672,000 ("Consideration of the Sale Share"). Trade Up Business Limited is prinicipally engaged in the sale of doors and windows, and the provision of construction and engineering services in the PRC. Meanwhile, the purchaser will settle the shareholder loans of HK$6,110,070 that Trade Up Business Limited owes the Group. The aggregated consideration of the disposal is thereby HK$62,782,070.

LongiTech Smart Energy aims to develop "Internet+" energy and strives to become a leading operator of energy big data Cloud Platform in China. Currently, more than 1700 customers had entered into contracts with the Group and more than 200 customers are with access to the Group's services. By gathering the customers' data, the Group procides services of smart operation and maintenance and power trade. The Company has completed the acquisition of 100% stake of Guangshuo New Energy, which 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.

Mr. Wei Qiang, Chief Executive Officer of LongiTech Smart Energy Holding Limited commented, "The successful disposal of non-core businesses will allow the more effective use of resources of Company. Capturing the industry outlook and our competitive edges, the Group can better focus and speed up the development of smart energy and photovoltaic business, bringing long term benefits to the Company. According to the direction of the related policies, LongiTech Smart Energy will promote the power trade business in an orderly manner, developing standards of smart operation and maintenance businesses, develop and operate intelligent operation demonstration industrial parks and establish a preliminary business scale in smart operation and maintenance business. At the same time, the Company actively develops the distributed photovoltaic business by undertaking investment, development and construction of distributed photovoltaic power stations, aiming to develop and sell power stations with an installed capacity of 40-50MW and 70-80MW of home photovoltaic system. "

- End -

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. LongiTech Smart Energy provides extensive intelligent services, including smart operation and maintenance, power trade, distributed power and other value-added services through collecting, managing and analyzing engery consumption data of the customers by its smart energy Cloud Platform.

- ASIA TODAY News Global Distribution http://www.AsiaToday.com