Hoifu Energy and Yuchai Group forms
Joint Venture in pursue of
international investment businesses
On 12th October, 2013, Hoifu Energy International Trade Co. Ltd. (hereinafter as "Hoifu International Trade") , the wholly-owned subsidiary of Hoifu Energy Group Limited (Hong Kong Stock Code: 00007, hereinafter as "Hoifu Group"), together with Profit High International Enterprise Limited (hereinafter as "Profit High Enterprise"), the wholly-owned subsidiary of Guangxi Yuchai Machinery Group Co. Ltd. (hereinafter as "Yuchai Group"), held the signing ceremony in Hong Kong in relation to the establishment of a joint venture company in pursue of international investment businesses. The ceremony was attended by the Hoifu Group Chairman of the Board Dr. Hui Chi Ming and Executive Directors Mr. Lam Kwok Hing and Dr. Chui Say Hoe, as well as the Yuchai Group Chairman of the Board Mr. Yan Ping, General Accountant Ms. Wang Hong and Ms. Liang Kunqing, and General Manager of Finance Department Mr. Hang Yiyong.
The joint venture company will primarily engaged in developing international investment businesses, including investment and sales of engines, machinery equipment, special vehicles, parts and energy and petrochemical business.
The "Yuchai Group" is a large-scaled modernized state-owned enterprise led by a diverse conglomerate, with over 20,000 staff members and net asset of RMB36.5 billion, the Yuchai Group is the base of manufacturing internal combustion engines and export of small excavators. The Yuchai Group is ranked among China's top 500 enterprises, China's top 500 manufacturing companies, China's top 500 Brand Value and China's top 500 engineering enterprises. The "Hoifu Group" is a listed company on the Main Board of Hong Kong Stock Exchange, and is principally engaged in oil and gas exploration and production, petroleum, natural gas and petrochemicals international trading, and the provision of stock broking, futures and options broking and mutual funds businesses. With the establishment of the joint venture company, both parties are confident that the cooperation would yield satisfactory results as each of them enjoys complementary advantages in pursue of international investment businesses.
On 12th October, 2013, Yuchai Group and Hoifu Group held signing ceremony in Hong Kong in relation to the establishment of joint venture company in pursue of international investment businesses.
Representatives from the Hoifu Group (HK00007) Executive Director Dr. Chui Say Hoe (second left) and the Yuchai Group General Accountant Ms. Wang Hong (second right, front row) signed the agreement at the signing ceremony to establish the joint venture company.
Hoifu Group Chairman of the Board Dr. Hui Chi Ming (left) and Yuchai Group Chairman of the Board Mr. Yan Ping (right) attended the signing ceremony and congratulated each other.