HONG KONG, Sep 29, 2020 – (ACN Newswire) – China Nature Energy Technology Holdings Limited ("CNE" or the "Group"), a wind power and pitch control system solution provider in the PRC ranked third in the domestic pitch control system market, announced the details of its proposed listing on the Main Board of The Stock Exchange of Hong Kong Limited ("SEHK"). The Group primarily engages in R&D, integration, manufacture and sale of high-voltage pitch control systems for wind turbines, and offers customised integration services of major components of pitch control systems. Pitch control system is a critical electrical system in a wind turbine for real-time regulation of the wind turbine generator's rotational speed against the changing wind velocity through control of the blade angle for optimal energy capture and minimisation of potential damages against exceedingly high speed winds. Its major customers include wind turbine manufacturers and local power grid company in Inner Mongolia.

Offering Details

CNE intends to offer a total of 62,500,000 shares (subject to over-allotment option), of which 56,250,000 shares are for international placing (subject to reallocation and over-allotment option) and 6,250,000 shares are for Hong Kong public offer (subject to reallocation). Indicative Offer Price range is between HK$2.0 and HK$2.6. Excluding the underwriting fee and estimated expenses of share offer, and assuming the over-allotment option is not exercised and the offer price is HK$2.3 per share (being the mid-point of the indicative offer price range), net proceeds from the listing are estimated at approximately HK$111.5 million.

The Hong Kong public offer will commence on 29 September 2020 (Tuesday) at 9:00 a.m. and will end at noon on 8 October 2020 (Thursday). The final offer price and allotment results are expected to be announced on 19 October 2020 (Monday) and dealing of its shares is expected to commence on the Main Board of SEHK on 20 October 2020 (Tuesday). Shares will be traded in board lots of 1,000 shares each under the stock code 1597.

Fortune Financial Capital Limited is the sole sponsor. Essence International Securities (Hong Kong) Limited, Fortune (HK) Securities Limited and Guosen Securities (HK) Capital Company Limited are the joint global coordinators, joint bookrunners and joint lead managers of the listing.

Investment Highlights

One of five largest pitch control system providers in the PRC
As one of the pioneers who has realised the integration of hardware and software to offer high-voltage pitch control systems in the PRC market, CNE has been focusing on R&D on software and integration techniques for pitch control systems since 2016. As a result of its strategic focus on the development of pitch control systems, it was its primary business segment during the track record period, attributing to the majority of its revenue. According to the F&S Report, the total market size of pitch control system in the PRC was about RMB1,834.2 million in terms of sales value in 2018, among which, sales value for high-voltage pitch control systems was around RMB1,104.4 million, representing about 60.2% of the market. CNE ranked third in the pitch control system market in the PRC in terms of sales volume in 2018 with a market share of 10.5%.

Established long-term stable relationship with upstream and downstream of the value chain
The Group collaborate with KEB Group to work on the design and integration of the software and KEB Group's hardware to produce high-voltage pitch control systems that can appeal to the needs of customers. The Group has brought KEB Group to the domestic pitch control system market and established a stable and entrusted relationship with them for product offering since 2017. The Group further entered a binding ten-year framework agreement with KEB Shanghai in December 2019.

Since 2016, CNE has started manufacturing pitch control systems for Envision Group , a famous wind turbine manufacturer and wind farm operator in the world. The Group assisted Envision Group to realise its production of wind turbines in the PRC equipped with intelligent control, advanced measurement method, expert data analysis system, active performance control and reliability-based deterministic turbines, enabling its wind turbines to function at its optimal working condition for maximum power generation and long service life in an efficient manner. The Group entered a binding ten-year framework agreement with Jiangyin Envision in December 2019.

R&D and design capabilities
The Group's R&D efforts focus on integration techniques, and it has strived to R&D on different aspects of pitch control systems, in order to produce quality and reliable pitch control systems. It is also devoted to developing and updating software programmes to collect and diagnose data in order to control the blade angle for regulating the wind turbine generator's rotational speed when wind velocity changes, for optimal energy capture and minimisation of potential damages against exceedingly high speed winds. In addition, it develops simulation master control system software for function testing for its pitch control systems.

In July 2017, its R&D centre in Jiangyin City, Jiangsu Province was recognised as one of the Jiangyin Engineering and Technology R&D Centre Projects approved by Jiangyin Science and Technology Bureau. In November 2018, the Group was recognised as a National New High-tech Enterprise for continuous R&D and transformative technology developments, leading to the formation of independent core intellectual property rights in one of the supported high-tech fields (such as renewable energy and energy conservation technologies) by the relevant authorities in the PRC.

As of 20 September 2020, the Group owned more than 25 patents and had 15 patents under application, as well as 10 software copyrights, relating to pitch control systems and wind energy related inventions and designs.

Strong production capabilities with comprehensive quality assurance
To ensure high quality control and improve its competitiveness, it set up its own production plant with approximately 900 square meters in Jiangyin City, Jiangsu Province in 2016, and then relocated its production plant with total gross area of 3,530 square meters for expansion of its production capacity in 2018. As of 20 September 2020, it was equipped with four quality testing machines in its streamlined production line with annual capacity of 2,408 sets of pitch control systems, enabling it to implement stringent quality control measures from material inspection to examination of finished products, and comply with required standards, and then all products can proceed to the next stage of the assembling process or be packaged for delivery. Its quality control system has complied with the standard of GB/T 19001-2016/ISO9001: 2015 Quality Management Systems Requirements, and has been awarded a certificate for the design and manufacture of pitch control systems.

Experienced, stable and dedicated management team
The Group is managed by an experienced core management team, and has established a good business network with both upstream and downstream industry players along the wind power industry value chain. Under the leadership of an experienced leader, its R&D team has produced various customised high-voltage pitch control systems for customers, registered various pitch control related patents and software copyrights, and the Group was recognised as a National New High-tech Enterprise in 2018.

Future Growth Strategies

According to F&S Report, there is sufficient long-term and sustainable market demand in the wind power industry in the PRC. The Group has strived to achieve sustainable growth and further strengthen its market position in the pitch control system related manufacturing and sales business, expand its wind power generation business and continue to diversify and expand its wind power related services offerings, in order to maintain and increase long-term shareholder value and create maximum customer value. To achieve this, it will continue to actively seek for business opportunities in the wind power industry by implementing the following business strategies.

Maintains and strengthens position in pitch control system market to grow market share in the PRC
As a pitch control system supplier, demand for the Group's business is mainly driven by the sustainable demand from the wind turbine industry. The Chinese Government has recently initiated the promotion of healthy and sustainable development of wind power industry and such initiative is expected to stimulate a large number of enterprises to complete the construction of wind power projects in advance before the end of 2021 to enjoy the preferential policy, hence drive the demand for wind turbines and pitch control systems. The higher energy production efficiency and lower rate of malfunctions of high-voltage pitch control systems will help wind farms save operating costs in the long run, hence Frost & Sullivan also expects stronger demand for high-voltage pitch control systems in the long term. The share percentage of the PRC's pitch control system market is expected to increase from 63.0% in 2018 to 96.0% in 2023.

Drawing on its capability to offer high-voltage pitch control for offshore wind power projects, the Group plans to increase its market share in the expanding offshore wind power market. In addition, the Group seeks to maintain stable relations with its existing key client Envision Group and has entered a binding ten-year framework agreement with Jiangyin Envision. Given its extensive industry experience and a management team with strong servicing capabilities, the Group will continue to provide after-sales and value-added services which are tailored to customers' specific needs so as to maintain existing customer base, drive sales amount and enlarge its market share in the PRC.

Expands customer base
Regarding the pitch control system related manufacturing and sales business, other than Envision Group which is the Group's largest customer, the Group has also built business relations and entered a strategic cooperative agreement with Shanghai Electric as well as signed a sales agreement with Zhejiang Windey . Furthermore, the Group was awarded a tender for the supply of 120 sets of pitch control systems with a total contract sum of approximately RMB23.8 million. The Group will (i) develop and manufacture pitch control system prototypes for potential clients to demonstrate the quality and functionalities of its products and introduce new models or designs to potential customers and collect feedbacks; (ii) participate in various exhibitions in the wind power industry to promote the R&D involved in its products and services; and (iii) recruit additional sales personnel to establish and strengthen business relations with potential customers.

In view of the bright prospect of distributed wind farm business, the Group made strategic investments involving the interest in Datong Fengyuan and Datong Fengze in 2019. The Directors believe (i) the wind farm operation business will become a stable income source for the Group; (ii) the participation in the PRC's distributed wind farm operation business will enable the Group to diversify its customer base; and (iii) the operation of the Group's own distributed wind farms would enable it to draw on its experience in pitch control systems and operation and maintenance services to provide better services to customers and enhance its reputation in the PRC's wind power industry.

As for the wind farm operation and maintenance services business, the Group entered an agreement with Shandong Runhai Wind Power Development Co., Ltd. in March 2020 relating to the upgrade and modification of pitch control systems with a total contract sum of approximately RMB3.5 million. Looking ahead, the Group will continue to strive for the expansion of each of the add-on offerings, in particular the maintenance service and upgrade and modification works. By utilising its R&D function and with the support of experienced staff who have diverse skillsets within the wind power industry, the Group will explore the possibility of expanding its maintenance services and upgrade and also modification works to other components of wind turbines. In addition, the Group intends to recruit additional service personnel aiming to expand the scale of its wind farm operation and maintenance services.

Further strengthens R&D capability to enrich solution offering
The Group strives to provide products featuring comprehensive functions and advanced technologies at competitive prices. Apart from developing and updating software programmes to collect and diagnose data for optimal energy capture and minimisation of potential damages against exceedingly high speed winds, it has also developed simulation master control system software used for function tests of pitch control systems. The Group plans to (i) acquire additional software and testing machines for testing used in the R&D process to facilitate efficient and cost effective quality testing process while reducing the need and cost of using external testing labs; (ii) expand technical and R&D team by recruiting 13 additional personnel to serve the needs of customers in onshore and offshore wind power projects; and (iii) develop the integration technique and software for pitch drive controllers supplied by a supplier, which is specialised in the R&D and production of pitch drive controllers, frequency conversion control products, energy storage products and visual inspection system, and commercially viable pitch control systems to enhance its R&D capability and enrich its solution portfolio.

Use of net proceeds
Assuming the over-allotment option is not exercised and the offer price is fixed at HK$2.30 per share, being the mid-point of the indicative offer price range between HK$2.00 and HK$2.60 per share, net proceeds from the global offering (after deducting underwriting fees and estimated expenses in connection with the global offering) will be HK$111.5 million. The Group intends to use the net proceeds as follows:

Usage / Percentage
Purchase of core components and raw materials necessary for the production of customised high-voltage pitch control systems to fulfil the expected purchase quantities of Jiangyin Envision under the binding ten-year framework agreement: 18.7%
Diversify customer base in the pitch control system market by increasing marketing efforts: 3.6%
Invest in the development of a new distributed wind farm by Lingqiu Fengyuan in Lingqiu County in Datong of Shanxi Province: 31.2%
Recruit 70 additional service personnel to expand wind farm operation and maintenance services: 3.8%
Further strengthen R&D capability to enrich pitch control system and solution offerings: 11.4%
Repay in full a loan due to a third party by Duolun Wind Farm: 21.3%
General working capital: 10.0%

Financial Performance

RMB'000 For the year ended 31 December For the four months ended 30 April
2017 2018 2019 2019(unaudited) 2020
Turnover 57,314 144,424 222,835 36,936 51,482
Gross profit 18,871 44,503 66,397 12,125 13,395
Gross profit margin 32.9% 30.8% 29.8% 32.8% 26.0%
Profit for the year/period 7,699 27,875 42,689 7,067 4,236

China Nature Energy Technology Holdings Limited
China Nature Energy Technology Holdings Limited is a wind power and pitch control system solution provider in the PRC. The Group primarily engages in R&D, integration, manufacture and sale of high-voltage pitch control systems for wind turbines and also offers customised integration services of major components of pitch control systems. In 2018, it ranked third in the pitch control system market in the PRC in terms of sales volume.


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HONG KONG, Aug 27, 2020 – (ACN Newswire) – The globally leading onshore oil rig supplier Honghua Group Limited (Ticker: 196.HK, "Honghua" or "the Company") today announced unaudited consolidated interim results for the six months ending on 30 June 2020 ("the period").

During the period, the Company encountered the COVID-19 pandemic and oil price fluctuation. Against such backdrop, the Company's revenue decreased 11.8% year-over-year from RMB2.048 billion to RMB1.807 billion in the first half of 2020. Gross profit was approximately RMB608 million, representing an increase of 9.1% from RMB557 million for the same period last year. The profit attributable to shareholders of the company decreased by 48.8% from RMB 61 million to approximately RMB 31 million.

BENEFITING FROM FAVORABLE DOMESTIC ENERGY STRATEGY, HONGHUA SEIZED INDUSTRY OPPORTUNITIES TO EXPAND ELECTRIC FRACTURING EQUIPMENT AND SERVICES BUSINESS
During the period, Honghua's domestic business revenue continued its growth momentum, domestic business hit a new record high in revenue percentage of the Company's total revenue since its listing, reaching 55%. While closely adhering to China's energy security strategy and efforts to increase oil and gas reserve and production, the Company prioritized the business segment of equipment and services for unconventional oil and gas. In the first half of 2020, Honghua sold 2 sets of electric fracturing pumps and made the first sale of electric sand-mixing skid. To further expand the electric fracturing equipment product suite, Honghua launched electric sand conveying and storing skids, which were deployed for fracturing operation at various well sites in Sichuan and Chongqing. Benefiting from the rapidly growing demand for domestic unconventional oil and gas and electric fracturing equipment's high efficacy and eco-friendly advantages, the Company saw tremendous growth in electric fracturing pumping service, while the scope of related business reached a new horizon. In the first half of 2020, the number of electric fracturing pumping services provided by Honghua in the domestic market exceeded 2,000 stages, representing an increase of 70% over the same period last year. Honghua has once again landed fracturing engineering service projects which expanded its business scope from pumping service to a full range of fracturing services, including pumping, sand mixing, and field commend and scheduling. In the first half of 2020, the Company successfully achieved new performance records at multiple platforms. At a platform in Nanchuan, Chongqing, for example, Honghua realized the construction of seven fracturing stages in a single day – the highest single-day record in the Sichuan-Chongqing area. In the shale gas block in Fuling, Chongqing, Honghua's fracturing pumping service achieved the record of constructing five fracturing stages per day, which accelerated the fracturing speed of a single platform by 70% – achieving the speediest fracturing record in Fuling shale gas field. The rapid growth of the fracturing equipment and services business over the past six months has prompted the Company to build a new business department.

SALES OF DRILLING RIGS AND COMPONENTS WERE STEADILY IMPROVING, MEANWHILE HONGHUA ACTIVELY EXPLORED ITS POTENTIAL FOR OFFSHORE WIND POWER PROJECTS
The drilling equipment and related products business also achieved gratifying results, and the Company once again won new orders in domestic and overseas markets. In the first six months of 2020, Honghua sold 11 drilling rigs, a total sales value of approximately RMB619 million, representing a decrease of 25.3% over the same period last year. In China, the new orders for complete sets of drilling rigs reached RMB280 million. Sales revenue of parts and components totaled RMB470 million yuan, a decrease of 20.1% year-over-year. At the same time, relying on the advantages of the Company's manufacturing expertise and background as a state-owned enterprise, Honghua landed offshore wind power projects and signed offshore wind power monopiles and conduit frames orders worth RMB580 million. The Company will continue to follow favorable opportunities of China's offshore wind power policy to improve its business landscape.

OIL AND GAS ENGINEERING SERVICES OVERCAME OBSTACLES OF COVID-19 WHILE OPERATION SAFETY WAS ENSURED
In the first half of 2020, the global oil and gas services industry was in a downturn. Emerging from the impact of the pandemic, 12 drilling crews of Honghua completed approximately 56,280 meters of footage during the period, an increase of 38% over the same period last year. Revenue from engineering services totaled approximately RMB182million, representing a decrease of 5.2% over the same period last year. In the domestic market, the Company firmly implemented safety guidelines in its oil service operations and achieved organic growth. Honghua won bids for directional well service worth approximately RMB30 million. In the international market, Honghua overcame a series of difficulties and achieved growth in operating volume against the adversity.

OUTLOOK
In the second half of 2020, Honghua will continue to seize the industry opportunities arising from increasing oil and gas reserves and production under the national energy security strategy, adopt a flexible and market-oriented operation approach, and strengthen the R&D and sales of core products of drilling and completion equipment. Honghua will drive services associated with equipment and continues to increase the business scale and workload of oil and gas engineering services. At the same time, the Company will ensure satisfactory delivery of offshore wind power projects and pursue subsequent market expansion. Honghua will further enhance cost control, optimize supply chain management, improve cash turnover efficiency, and optimize personnel management system, so as to make new advances amid changes and promote the Company's high-quality sustainable development.

During the period of low/medium levels of oil prices, the Group will leverage flexible market response mechanisms and endogenous innovation momentum. While consolidating existing businesses, we will actively explore new market businesses, look for new opportunities that lie in crisis, and open up new prospects amid changes.

About Honghua Group Ltd
Honghua Group Ltd (Stock Code: 0196.HK, "Honghua") is the main platform for energy equipment development of China Aerospace Science & Industry Corporation ("CASIC"). As one of the leading land drilling equipment manufacturers in the world and the largest land drilling rig exporter in the PRC, Honghua is primarily engaged in developing and manufacturing land drilling equipment (drilling rigs, parts and components as well as downhole tools, etc.), completion products (including fracture package), offshore drilling module and package as well as shale gas and oil exploration and development service. Leveraging strong R&D capability, high-quality production facilities and a mature international sales network, Honghua's products have been sold to a large number of famous enterprises all over the world, across major oil-production regions such as North America, the Middle East and emerging markets including South America, South Asia, Russia, Central Asia and Africa. In the future, Honghua will continue to focus on its key businesses while increasing the resource allocation to unconventional oil and gas business and the "energy + internet" field. Honghua aims at becoming a world leading oilfield service provider.

This press release is issued by Institutional Capital Advisory (Asia) Limited on behalf of Honghua Group Co., Ltd. For any enquiries, please contact:

Institutional Capital Advisory (Asia) Limited
Tel: +86 (21) 8028-6033
E-mail: honghua@icaasia.com


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HONG KONG, Aug 3, 2020 – (ACN Newswire) – BOC International initiated coverage on Hong Kong listed VPower Group International Holdings Limited ("VPower Group", stock code:1608) with a "Buy" rating in recognition of its solid growth momentum and the expected high earnings in the coming years.

Headquartered in Hong Kong, VPower Group is an integrated expert in distributed power generation. It principally engages in power system integration (SI) business, covering designing, integrating and sale of gas-fired and diesel-fired engine-based gen-sets and power generation systems, and Investment, Building and Operating (IBO) business, involving investing in, building and operating distributed power stations to supply reliable electricity. It is now a leading distributed power station owner and operator in Asia.

BOC International reckoned VPower Group's engine-based generation model has multi-faceted advantages, thus allowing the Group to fit into different markets especially the under-electrified markets and auxiliary services market. The firm believed VPower Group is well positioned to win more businesses given its solid track record in both developing and developed regions in the past few years.

BOC International highlighted that the commissioning of the Myanmar liquefied natural gas (LNG) to power projects with CNTIC in the near term would boost VPower Group's earnings growth. The firm estimated the projects will make a significant contribution to the Group's profit, leading to a net profit CAGR of 53% from 2019 to 2022. The successful commissioning of the three Myanmar LNG to power projects within a tight deadline has demonstrated VPower Group's capability and unique relationship with upstream engine suppliers to win future tenders.

Regarding the recent top-up placement in which VPower Group raised net proceeds of HK$299 million, BOC International pointed out the proceeds will further replenish the Group's balance sheet and get it prepared for future investments.

BOC International used SOTP methodology to value VPower Group in light of the different business nature of its IBO and SI segments. It initiated coverage with a BUY rating and a target price of HK$ 4.10, implying 11x 2021 P/E.



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HONG KONG, Jul 29, 2020 – (ACN Newswire) – CMB International Securities today issued a research report on Hong Kong listed VPower Group International Holdings Limited ("VPower Group", stock code:1608), a leading distributed power generation station owner and operator in Asia with a focus on its investment in the liquefied natural gas (LNG) to power in Myanmar. The firm maintained a high conviction "BUY" rating on VPower Group with a target price of HK$5.47, representing a potential growth of 82.9% as compared to last closing price.

CMB International Securities placed its key focus on VPower Group's iconic Myanmar joint venture and expected it will generate more than 20% internal rate of return, with superior profitability comparing with its other IBO (Investment, Building and Operating) projects.

In addition, CMB International Securities mentioned the LNG cost, utilization rate, and the energy efficiency of the gensets as the key exposures that the joint venture could manage for higher profitability. Yet, the firm believes it is a good timing for VPower Group to expand into LNG-fueled distributed power projects, with the Asia LNG spot market is currently at a range of 3-year low.

CMB International Securities is confident that VPower Group will deliver high earrings growth in FY20/21E, with net profit expected to reach HK$711 million and HK$1,169 million respectively.

Headquartered in Hong Kong, VPower Group is an integrated expert in distributed power generation (DPG). It principally engages in power system integration (SI) business, covering designing, integrating and sale of gas-fired and diesel-fired engine-based gen-sets and power generation systems, and Investment, Building and Operating (IBO) business, involving investing in, building and operating distributed power stations to supply reliable electricity. It is now a leading distributed power station owner and operator in Asia.



Copyright 2020 ACN Newswire. All rights reserved. http://www.acnnewswire.com

HONG KONG, Jul 6, 2020 – (ACN Newswire) – VPower Group International Holdings Limited ("VPower Group") a leading DPG station owner and operator in Asia announced today that it has strengthened its market presence in Sri Lanka with two power stations commencing commercial operation recently.

Located in Galle and Pallekele, respectively, of Sri Lanka, the two power stations were built on a fast-track basis with a total installed capacity of 38.8MW. They are connected to the national grid via respective regional substations.

Sri Lanka has been striving to increase its generation capacity to meet the rising electricity demand, and VPower Group is keen to provide the country with reliable distributed power solutions. Since VPower Group entered into the power market of Sri Lanka in mid-2019, it has established a project portfolio of an aggregated installed capacity reaching 100MW locally.

About VPower Group International Holdings Limited
Headquartered in Hong Kong, VPower Group is an integrated expert in distributed power generation (DPG). It principally engages in power system integration (SI) business, covering designing, integrating and sale of gas-fired and diesel-fired engine-based gen-sets and power generation systems, and Investment, Building and Operating (IBO) business, involving investing in, building and operating distributed power stations to supply reliable electricity. It is now a leading distributed power station owner and operator in Asia.



Copyright 2020 ACN Newswire. All rights reserved. http://www.acnnewswire.com

HONG KONG, Jun 16, 2020 – (ACN Newswire) – VPower Group International Holdings Limited ("VPower Group" or the "Group", stock code: 1608.HK) has successfully expanded its footprint into the liquified natural gas (LNG)- to-power industry through a partnership with China National Technical Import and Export Corporation ("CNTIC"). On 14 June 2020, the power station in Thaketa Township of Yangon, Myanmar built by the 50-50 joint venture of VPower Group and CNTIC ("CNTIC VPower") started generating electricity with LNG. This is the first time LNG being used as the fuel source in power generation in Myanmar.

The power station, with an installed capacity of 477.1 MW, was built on a fast-track basis for one of the Myanmar Government's shortlisted critical projects to boost power supply for summer 2020. The project was awarded to the consortium of VPower Group and CNTIC in late 2019 through a public tender. In addition to the efficient and flexible engine-based power generation technology, CNTIC VPower offers a one-stop LNG solution integrating LNG import, logistics, storage and regassification to the country. The LNG infrastructure is located in Thanlyin of Yangon.

After the power purchase agreement was signed by a project company of CNTIC VPower, the power station has commenced operation in phases starting from 14 June 2020. Electricity generated by this power station will be transmitted to support the nationwide electricity demand, in particular that in Yangon Region, via the national grid.

"This is a milestone for the people of Myanmar and we are proud to be a pioneer of the monumental achievement. This has been a project impossible to many, and executed under the most extraordinary circumstances. We thank all of our suppliers, engineers, consultants, project and commercial teams and numerous government authorities who have given us their unwavering support, dedication and faith that have contributed to our success." said Mr. Earnest Cheung, Chief Executive Officer of CNTIC VPower, "Access to LNG will help the country meet its growing electricity demand and broaden its energy mix whilst allowing a more environmental friendly and sustainable generation for the future."

On top of this project, CNTIC VPower is going to deliver more electricity to the country with another two power projects which were also awarded to the consortium in the same public tender.

"VPower Group has developed a strong position in the gas-fired distributed power generation industry in Asia, and it has been actively working on delivering more low carbon and sustainable energy as a responsible global citizen. The success of this LNG-to-power project has turned the development of VPower Group to a new page as it demonstrates our capability to provide the cleanest fossil fuel available for power generation with operational flexibility and agility. We are extremely pleased to join hands with our strategic partner CNTIC on the project and look forward to further deepening our cooperation." Added Mr. Ambrose Lee, Chief Strategy Officer and Head of Capital Markets and Corporate Finance of VPower Group.

About VPower Group International Holdings Limited
Headquartered in Hong Kong, VPower Group is an integrated expert in distributed power generation (DPG). It principally engages in power system integration (SI) business, covering designing, integrating and sale of gas-fired and diesel-fired engine-based gen-sets and power generation systems, and Investment, Building and Operating (IBO) business, involving investing in, building and operating distributed power stations to supply reliable electricity. It is now a leading distributed power station owner and operator in Asia.


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