Heshan Tongfang will build an LED technology park in Gonghe.
Published Time:
2021-08-04
Hong Kong-listed Tongfang Youyou (HK.01868) recently announced that its wholly-owned subsidiary, Heshan Tongfang Lighting, has signed a framework agreement with the Heshan Industrial City Management Committee to jointly develop a Tongfang Science and Technology City, primarily focused on the LED lighting industry.
Hong Kong-listed Tongfang Youyou (HK.01868) recently announced that its wholly-owned subsidiary, Heshan Tongfang Lighting, has signed a framework agreement with the Heshan Industrial City Management Committee to jointly develop a Tongfang Science and Technology City, primarily focused on the LED lighting industry.
According to the investment framework agreement, Heshan Tongfang and the Heshan Industrial City Management Committee will cooperate on the investment and construction of a science and technology park in the Heshan Industrial City, focusing on the electronics information industry and the LED lighting industry. The park will be divided into four bases according to different functions: a lighting technology town for the promotion and display of LED lighting products; a new light source production base for the production of LED lighting products; a lighting industry incubation base for the research and development of LED lighting products; and a lighting headquarters for overall management.
Meanwhile, Heshan Tongfang will replan its land use rights in Heshan City's Gonghuo Town to invest in and construct a science and technology park providing a comprehensive network of industrial and living services, including technology office buildings, a lighting development museum, and a lighting product display area. The science and technology park will have a total construction area of approximately 560,000 square meters.
Heshan Tongfang will also transfer the land use rights of a plot of land of approximately 40 mu and the buildings on the plot to the Heshan Industrial City Management Committee to provide space for the overall replanning of the Heshan Industrial City. In exchange, the Heshan Industrial City Management Committee will transfer the land use rights of a plot of land of approximately 90 mu to Heshan Tongfang for the construction of new buildings to be used as new offices and production plants. The contracting parties will appoint an independent third-party valuer to value the above-mentioned properties, and the difference between the two valuations will be made up in cash by the relevant contracting party. Heshan Tongfang will streamline its internal resources and build and develop a new lighting product production base for its LED decorative and general lighting product businesses on the new land.
Tongfang Youyou stated that the investment framework agreement marks the Group's continued efforts to expand its existing research and development, sales, and production of LED decorative lamps, LED general lighting products, LED professional lighting products, and engineering businesses; the cooperation with the Heshan Industrial City Management Committee also demonstrates the commitment and confidence of the local government authorities in the Group's business and operations.
Tongfang Youyou, formerly known as Zhenmingli, is located in Heshan Gonghuo and mainly engages in LED lighting business. It was listed in Hong Kong in December 2006. In August 2014, Tsinghua Tongfang subscribed for new shares and became the controlling shareholder of Zhenmingli, and the company was renamed Tongfang Youyou.
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