Hong Kong-listed Tongfang Youyou (HK.01868) recently announced that Heshan Tongfang Lighting, a wholly-owned subsidiary of the company, has entered into a framework agreement with Heshan Industrial City Management Committee, and the two parties have jointly created the Tongfang Science and Technology City, which is mainly engaged in the LED lighting industry.
According to the Investment Framework Agreement, Heshan Tongfang and Heshan Industrial City Management Committee will cooperate on the investment and construction of the electronic information industry of Heshan Industrial City and the science and technology park of LED lighting industry.
According to the plan, the park will be divided into four bases according to different functions, namely the lighting technology town for LED lighting product promotion and display, the new light source production base for LED lighting products production, and the lighting for LED lighting product development. Industry incubation base and lighting headquarters for overall management.
At the same time, Heshan Tongfang will re-plan its land use rights in Gonghe Town, Heshan City, in order to invest and build a science and technology park that can provide a comprehensive network of industrial and living services, including science and technology office buildings, lighting development museums and lighting product display areas. The Science and Technology Park will cover a total construction area of ​​approximately 560,000 square meters.
Heshan Tongfang will also transfer the land use rights of a plot of land of about 40 mu to the Heshan Industrial City Management Committee and the buildings on the plot to provide space for the overall re-planning of Heshan City Industrial City. In exchange, the Heshan Industrial City Management Committee will transfer the land use rights of a plot of land of approximately 90 mu to Heshan Tongfang for the construction of new buildings for the new office and production plant.
The parties will appoint an independent third party valuer to value the above properties and the difference between the two valuations will be covered by the relevant parties in cash. Heshan Tongfang will streamline its internal resources and build and develop new lighting production bases for its LE D decorative lighting and LE D general lighting products business on new land.
Tongfang Youyou said that the investment framework agreement marks the Group's continuous efforts to expand its existing R&D, sales and production of LED decorative lights, LED general lighting products, LED professional lighting products and engineering business; cooperation with Heshan Industrial City Management Committee also showed Commitment and confidence of the local government authorities in the business and operations of the Group.
Tongfang Youyou was formerly known as Zhen Mingli. The address is located in Heshan Gonghe. It is mainly engaged in LED lighting business. It was listed in Hong Kong in December 2006. In August 2014, Tsinghua Tongfang subscribed for new shares and became the controlling shareholder of Zhen Mingli. The company was also renamed Tongfang Youyou.
The 2016 annual results announced by Tongfang Youyou, the Group's revenue during the period was RMB 611 million, an increase of 1.5% from RMB 602 million in the same period of 2015. The profit attributable to owners of the company was RMB 11.778 million, an increase of 102.48% from RMB 5.81 million in the same period of 2015.
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