Gelonghui, April 29, 丨 Minshang Innovation and Technology (01632.HK) announced that on April 27, 2024, Minshang Shenzhen signed a cooperation agreement with Beijing Bioenergy and Hainan Juneng. Based on this, Minshang Shenzhen, Beijing Biotech and Hainan Juneng 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 Chinese regulators), with a registered capital of RMB 50 million. The total investment amount to be made by the contracting parties is RMB 50 million, of which Minshang Shenzhen will invest RMB 25.5 million in cash, equivalent to 51% of the registered capital of the subsidiary; Beijing Bioenergy will invest RMB 17.5 million in cash, equivalent to 35% of the registered capital of the subsidiary; and Hainan Juneng will invest RMB 7 million in cash, equivalent to 14% of the registered capital of the subsidiary company.