Chinastar (00653.HK) announced that its subsidiary, Chuoyue Technology Service, and Nie Yasheng have signed a non-binding memorandum of cooperation on potential strategic cooperation plans in new energy technology as of last Tuesday (18th). Both parties will jointly create greater value in the development of new energy technology cooperation, and in the application and market promotion of concentrated solar energy steam-driven central air conditioning compressors.

Nie Yasheng has applied for and owns the core technology and patents for potential cooperation, which is a concentrated solar energy steam-driven central air conditioning compressor. Based on the core patent technology, product research and development and production will be conducted. Chuoyue intends to acquire its core technology patent rights, and the acquisition price will be determined based on further evaluation.

At the same time, Yisheng Management Co., Ltd. serves as the project manager and referral role in this potential cooperation, providing consulting and financing solutions.

All parties will jointly promote the core technology to the application layer, develop the mainland China and Hong Kong markets, and further promote their own brands, creating greater social value.