22 Feb 2016
Everbright International Acquires Jiangsu Design and Research Institute of Energy Conservation Engineering22 February, 2016, Hong Kong - China Everbright International Limited ("Everbright International" or the "Group") (HKSE: 00257) is pleased to announce that its wholly-owned subsidiary, Everbright Environmental Protection (China) Limited, signed a transaction agreement with Nanjing Energy Conservation Center on 19 February,2016 to include the transfer of all property rights as well as a 100% equity interest in the Jiangsu Design and Research Institute of Energy Conservation Engineering (the "Institute").
Established in July 1987, the Institute is a subsidiary of Nanjing Energy Conservation Center and was one of the first institutes to focus on thermal power and heating engineering design and consulting in Jiangsu Province. Over the years, the Institute has been committed to thermal power and heating engineering consulting and design services. It also undertakes energy conservation evaluation of fixed asset investment projects and conducts research on energy conservation projects in the electric power industry. The Institute possesses a number of industry credentials related to engineering consultancies and electric power generation, as well as design certificates for municipal heating engineering and Class GB2, GC1(3), GC2 and GD1 pressure pipelines.
Mr. Chen Xiaoping, CEO of Everbright International, said, "The acquisition of the Institute provides meaningful accretion for Everbright International as we enter our next level of development. First, it allows the Group to offer turnkey design solutions – a qualification which we previously lacked - further sharpening our competitive edge in the environmental protection industry. Secondly, the Group's Environmental Technology Sector will be able to form a comprehensive integrated research and development system including technology R&D, consultation, construction, engineering design, product development and equipment manufacturing, laying a solid foundation for the Group to advance even higher in the industry and further strengthen our international competitive advantages. In addition, the acquisition resonates with the Chinese government's "One belt One Road" policy and preferential policies for high-end equipment manufacturing, which helps take the Group's technology and equipment abroad and push forward its strategy of expanding from domestic to overseas market."