According to EnergyTrend, Yuexiu Capital issued an announcement on June 11, stating that its wholly-owned subsidiary Guangzhou Yuexiu Capital will jointly set up a new company with Guangzhou Yuexiu Group Co., Ltd. (Yuexiu Group) and Guangzhou Yuedong New Energy Technology Investment Co., Ltd. (Yuedong New Energy), a wholly-owned subsidiary of Yuexiu Transport Infrastructure Limited (Yuexiu Transport).
As disclosed in the announcement, the new company is tentatively named Guangzhou Yuexiu New Energy Technology Co., Ltd., with a registered capital of 870.29 million yuan. The capital contribution and shareholding structure are as follows:
- Yuexiu Group subscribes for capital contribution of 348.116 million yuan, holding a 40% stake;
- Guangzhou Yuexiu Capital contributes 261.087 million yuan, holding a 30% stake;
- Yuedong New Energy contributes 261.087 million yuan, holding a 30% stake.
This joint investment with related parties constitutes a connected transaction, and the newly established company will be included in the consolidated financial statements of Yuexiu Group.
Public information shows that Yuexiu Group is the controlling shareholder of Guangzhou Yuexiu Capital Holdings Group Co., Ltd., while Yuedong New Energy is a wholly-owned subsidiary of Yuexiu Transport under Yuexiu Group.
The business scope of the new energy technology company covers wind power technology services, energy storage technology services, research and development of new energy technologies, and operation of electric vehicle charging infrastructure. It will mainly engage in investment in clean energy infrastructure such as wind power and energy storage, as well as projects involving new power systems, source-grid-load-storage integration and computing-power-electricity coordination. In addition, the company will conduct equity investment in new energy manufacturing and technology enterprises.
Source：EnergyTrend
