Gelonghui, May 28, 丨 Runzhong International Holdings (00202.HK) announced that on May 28, 2024, Tianfu (Shanghai), an indirect wholly-owned subsidiary of the company, signed a joint venture agreement with Shanghai Peng Qirun, Shanghai Rongze and Shanghai Peng Chirun to establish a joint venture company, Shanghai Pengrun New Energy Technology Co., Ltd. According to the joint venture agreement, after the establishment of the joint venture, Tianfu (Shanghai), Shanghai Peng Qirun (limited partnership), Shanghai Rongze and Shanghai Peng Chirun (limited partnership) will own 34%, 20%, 16% and 30% respectively. The registered capital of the joint venture will be RMB 20 million.

According to the joint venture agreement, subject to approval by the relevant departments in China, the scope of the joint venture will be to develop, construct, operate and implement renewable energy projects, including but not limited to EPC development, asset management, asset transfer and monetization, capital management, etc., with a focus on overseas markets.

The company is looking for new investment and business opportunities. The renewable energy business is environmentally friendly, and it is also an industry encouraged by the central government. By setting up a joint venture, the Group can participate in and organize an experienced team to develop the renewable energy business.