[Today's Guide]
> Bank deposit insurance system to implement on May 1, age of national financing starts
> Vocational education continuously concerned by senior management, investment in coal chemical industry increases quietly
> Wonders Information to develop Internet medical service, Tianrun Enterprises to acquire Diandianle Information Technology
> Fangxing Science & Technology to acquire K&D Technology, Dongguan Development to develop finance leasing
[XFA Focus]
○ Bank deposit insurance system to implement on May 1, age of national financing starts
------
The "Bank Deposit Insurance Regulations" released on March 31 will be implemented on May 1. The regulations stipulate that banking financial institutions shall go through insurance formalities within the period required by the deposit insurance fund management institution. The deposit premium rate is constituted by basic rate and risk-based rate. The deposit insurance conducts limited compensation with a maximum compensation of 500,000 yuan.
Comment: A survey on banks shows that most banks believe that the launch of bank deposit insurance system is a bad news to the market in the short term, but is beneficial in the long run. The launch of bank deposit insurance system will break the longstanding “hidden insurance for full deposit” in the banking industry and benefit the financial reform and the healthy development of commercial banks in China. After implementing the system, the banking industry will see more market-oriented structure and sufficient competition. The long-standing interest margin will disappear gradually and it pushes the banking industry to transform toward trading asset management institutions. It will be unavoidable that the pricing of bank stocks will differentiate in the future. Moreover, since risks exist in bank deposit, in the perspective of asset allocation classification, residents might further increase allocation proportion of insurance, bank financing, stocks, bonds, etc.
[XFA Selection]
○ Deputy Director of the Ministry of Water Resources indicated on March 31 that the investment in water conservancy construction this year will exceed 488 billion yuan and will greatly drive upstream and downstream industries.
○ Officials from the National Development and Reform Commission (NDRC) indicate that the opinions on promoting innovation-driven reform are under formulation. Some regions will be selected for pilot.
○ Shenzhen launches “36 stratagems for financial reform” and makes all-round arrangement for the construction of “One Belt and One Road” and the Free Trade Zone in Qianhai and Shekou areas.
○ The State-owned Assets Supervision and Administration Commission (SASAC) of Guangxi Province actively pushes forward the reform and reorganization of SOEs and orderly develops mixed ownership economy.
○ IBM announces that it would invest 3 billion US dollars in establishing a department focusing on Internet of things within four years to build an open Cloud platform of Internet of things.
[Industry Information]
○ Liu Yandong emphasizes vocational education, online training market to see explosive growth
------
Liu Yandong, Vice Premier of the State Council, recently made an inspection on Guangxi Autonomous Region and required to accelerate the construction of modern vocational education system and further improve vocational education's ability in connecting with economy and serving the society through deepening comprehensive reform. It is also learnt that the Standing Committee of the National People's Congress has started the examination on the enforcement of vocational education law. Relevant officials point out that after 20-year implementation, some clauses of the vocational education law no longer adapt to the new requirements of modern society. Revision of the law shall be accelerated.
Comment: Vocational education is continuously concerned by senior officials of the central government recently. Its position might be further lifted after the revision of the vocational education law. Institutions predict that the potential market of vocational education might reach 1 trillion yuan by 2020. As for listed companies, Shenzhen Hongtao Decoration Co., Ltd. (002325.SZ) plans to control Beijing Shangxue Kuakao Co., Ltd. to layout online vocational education training. The Leyikao Education & Technology Group, under Beijing Lanxum Technology Co., Ltd. (300010.SZ), is actively planning third party vocational education.
○ Investment in coal chemical industry increases quietly, engineering equipment industry steps onto healthy development track
------
As reported by Shanxi Evening News, the province will invest 53 billion yuan in coal chemical industry and prioritize 48 key modern coal chemical projects. Shenhua-Yulin circular coal utilization platform, located in Shaanxi Province, was kicked off on March 27 with a total investment as high as 121.6 billion yuan. The investment in coal chemical industry is speeding up in these provinces with rich energy resources.
Comment: The National Energy Administration (NEA) pointed out earlier that proper development of coal-to-oil and coal-to-gas is of great significance to national energy security. Moreover, coal chemical industry can drive a series of industries including chemical equipment, downstream deep processing, supporting logistics, etc. to benefit local economic development. Among A-share companies, China National Chemical Engineering Co., Ltd. (601117.SH) and East China Engineering Science and Technology Co., Ltd. (002140.SZ) are total package companies of coal chemical industry. Coal chemical industry is their important business source.
○ CNPC to deepen reform, Xinjiang to see accelerated pilot
------
China National Petroleum Corporation (CNPC) convened the fourth meeting of deepening reform group on March 30. Zhou Jiping, President of the corporation, indicates that the pilot of decision-making power on business expansion in 2014 has achieved initial success and the development of mixed ownership reform also achieved new progress; the reform will be further deepened and continuous reorganization of some business will speed up in 2015.
Comment: CNPC has determined to let Xinjiang pilot mixed ownership reform in exploration and development. Under the promotion of deepening reform meeting, the pilot might see accelerated promotion. Among local oil and gas enterprises in Xinjiang, Guangzheng Group Co., Ltd. (002524.SZ) has cooperated with CNPC in gas station business; Xinjiang Tianfu Energy Co., Ltd. (600509.SH) is the energy integration platform of Xinjiang Production and Construction Corps.
[Announcement Interpretation]
○ Wonders Information to develop Internet medical service with RMB3.5 bln
------
Wonders Information Co., Ltd. (300168.SZ) plans to raise 3.5 billion yuan by issuing 67.97 million shares to Shanghai Wanhao Investment Co., Ltd., Pacific Asset Management Limited Liability Company, Taiping Asset Management Co., Ltd., Dacheng Fund Management Co., Ltd., Soochow Asset Management Co., Ltd., etc. at 51.49 yuan per share through private placement. The raised funds will be invested in four Internet medical projects, namely, health Cloud, medicine Cloud, insurance Cloud and medical service Cloud, and to pay off bank loans and supplement working capital. The company's annual report indicates that its net profit in 2014 grows by 29 percent and it proposes a 10-for-10 conversion of capital surplus into shares combined with 1 yuan dividend for every 10 shares.
Comment: After the private placement, the company will establish a development mode based on co-movement of "medical service, medicine and medical insurance" via technical means including "Internet of things", mobile Internet, etc. and build a one-stop medical service, medicine, medical insurance and health service platform with strong user engagement through Cloud service.
○ Tianrun Enterprises to acquire mobilephone game enterprise Diandianle Information Technology
------
Hunan Tianrun Enterprises Holding Co., Ltd. (002113.SZ) proposes to raise 900 million yuan by issuing 76.12 million shares at 11.82 yuan per share to major shareholders of Guangdong Hengrun Huxing Assets Management Co., Ltd., its substantial shareholder and a connected party and Shanghai Diandianle Information Technology Co., Ltd. 800 million yuan of the proceeds will be used to acquire 100 percent equities of Diandianle Information Technology and 100 million yuan will supplement the working capital of Tianrun Enterprises. The counterparty committed that the net profit of Diandianle Information Technology from 2015 to 2017 will be 65.00 million yuan, 81.25 million yuan and 101 million yuan, respectively. Diandianle Information Technology is principally engaged in the research and development as well as the operation of mobilephone online games with the Love Dance as its featured product. It recorded a net profit after extraordinary items of 25.32 million yuan in 2014.
Comment: Based on the committed profit of 65 million yuan of Diandianle Information Technology in 2015, the P/E ratio in this acquisition is only 12 times.
○ Fangxing Science & Technology to acquire K&D Technology and develop in downstream industrial chain
------
Anhui Fangxing Science & Technology Co., Ltd. (600552.SH) plans to purchase 75.58 percent equities of Shenzhen K&D Technology Co., Ltd. with 529 million yuan by issuing shares and paying in cash. Fangxing Science & Technology will pay 84.81 million yuan in cash and issue 24.53 million shares at 18.11 yuan per share through private placement. The counterparty committed that the net profit after extraordinary items of K&D Technology will be no less than 70.00 million yuan, 87.50 million yuan and 105 million yuan, respectively, from 2015 to 2017. K&D Technology is principally engaged in the production of liquid crystal display modules, capacitive and resistive touch screen modules. It is in the downstream of the liquid crystal display industrial chain.
Comment: Bengbu Design & Research Institute for Glass Industry, the substantial shareholder of Fangxing Science & Technology, has started reform for scientific research institutes. The reorganization represents an expansion in the industrial chain. The substantial shareholder may conduct further operation in reform in the future.
○ Dongguan Development to raise RMB1.5 bln through private placement to develop finance leasing
------
Dongguan Development (Holdings) Co., Ltd. (000828.SZ) intends to raise 1.5 billion yuan by issuing 205 million shares at 7.32 yuan per share through private placement to its controlling shareholder Dongguan Road Bridge Development and Construction Corporation, GF Securities Asset Management Co., Ltd. and Heaven-Sent Capital Management Group Co., Ltd. The proceeds will be invested in its subsidiary Guangdong Rongtong Finance Leasing Co., Ltd. to expand its finance leasing business. The subscriber of the Dongguan Development No. 1 assets management plan set up by GF Securities Asset Management is the employee shareholding plan of Dongguan Development in 2015.
Comment: The investment increase will facilitate the implementation of the company’s development strategy with “twin engines of production and finance”. The subscription by the employee shareholding plan in the private placement is in line with the mixed ownership system reform.
○ Shandong Oriental Ecean to issue new shares through private placement, 70% to its share holders
------
Shandong Oriental Ocean Sci-Tech Co., Ltd. (002086.SZ) plans to raise 1,373 million yuan by issuing 100 million shares at 13.73 yuan per share through private placement to its controlling shareholder Shandong Oriental Ocean Group, Evergrand Capital, Zhu Chunsheng, Li Beiduo, Che Zhiyuan etc. The proceeds will be used to repay the bank loans and short-term financing bonds as well as supplementing working capital. Among the participants of the issuance, the controlling shareholder Shandong Oriental Ocean Group will subscribe 60 million shares in cash. Che Zhiyuan, son of the actual controller Chen Shi, will subscribe 2 million shares in cash. The company’s supervisor Zhu Chunsheng will subscribe 10 million shares in cash.
[Financial Reports Express]
○ Fenda Technology proposes high share conversion and dividend ------
Shenzhen Fenda Technology Co., Ltd. (002681.SZ) proposes an 8-for-10 conversion of capital surplus into shares combined with 1.5 yuan dividend for every 10 shares according to its 2014 annual report. The company announced earlier that its net profit in 2014 increased by 10 percent and its net profit will grow 40 to 60 percent in the first quarter of this year.
○ Zhenye (Group), Han’s Laser and Yulong Steel Pipe expects profit growth in Q1
------
Thanks to the significant increase in the sales area can be carries forward compared with the corresponding period of last year, Shenzhen Zhenye (Group) Co., Ltd. (000006.SZ) expects its net profit to see an increase of 518 to 567 percent in the first quarter year on year. Han’s Laser Technology Industry Group Co., Ltd. (002008.SZ) estimates that its net profit in the first quarter will grow 120 to 150 percent year on year, which is mainly attributed to the orders growth and finance expenses decline compared with the same period of last year. Jiangsu Yulong Steel Pipe Co., Ltd. (601028.SH) forecasts that its net profit in the first quarter will grow 60 to 90 percent year on year as a result of the delivery of goods for overseas orders from Africa and the Central Asia in this quarter.
[Data Speaks]
○ Trading turnover and balance both surge, securities companies’ March results to stand out
------
The trading turnover at the Shanghai and Shenzhen stock exchanges in March reached nearly 21 trillion yuan, hitting a record high. The total trading turnover in the first quarter hit 41 trillion yuan, representing an increase of 240 percent from the corresponding period of last year. Besides, the margin trading balance at the Shanghai and Shenzhen stock exchanges also hit a new high of 1.48 trillion yuan by March 30. It is estimated that securities companies will record a margin trading revenue of approximately 25 billion yuan in the first quarter, which is about 50 percent of the total amount of last year. The monthly operation reports of securities companies in March to be released may beat the market expectation.
[Trading Trends]
○ Four institutional seats buy Rainbow Fine Chemical Industry
------
The trading volume ranking list on March 31 shows that four institutional seats bought Shenzhen Rainbow Fine Chemical Industry Co., Ltd. (002256.SZ) with a total of 150 million yuan, accounting for 20 percent of its intraday turnover.
Comment: The company announced on March 31 noon that it would cooperate with China Nuclear Industry 22nd Construction Co., Ltd. in the establishment of a solar energy photovoltaic power station with a total investment of 8 billion yuan and a scale of no less than 1GW. Research institutes believe that the company’s photovoltaic power station will expand rapidly and the results may surge.
> Bank deposit insurance system to implement on May 1, age of national financing starts
> Vocational education continuously concerned by senior management, investment in coal chemical industry increases quietly
> Wonders Information to develop Internet medical service, Tianrun Enterprises to acquire Diandianle Information Technology
> Fangxing Science & Technology to acquire K&D Technology, Dongguan Development to develop finance leasing
[XFA Focus]
○ Bank deposit insurance system to implement on May 1, age of national financing starts
------
The "Bank Deposit Insurance Regulations" released on March 31 will be implemented on May 1. The regulations stipulate that banking financial institutions shall go through insurance formalities within the period required by the deposit insurance fund management institution. The deposit premium rate is constituted by basic rate and risk-based rate. The deposit insurance conducts limited compensation with a maximum compensation of 500,000 yuan.
Comment: A survey on banks shows that most banks believe that the launch of bank deposit insurance system is a bad news to the market in the short term, but is beneficial in the long run. The launch of bank deposit insurance system will break the longstanding “hidden insurance for full deposit” in the banking industry and benefit the financial reform and the healthy development of commercial banks in China. After implementing the system, the banking industry will see more market-oriented structure and sufficient competition. The long-standing interest margin will disappear gradually and it pushes the banking industry to transform toward trading asset management institutions. It will be unavoidable that the pricing of bank stocks will differentiate in the future. Moreover, since risks exist in bank deposit, in the perspective of asset allocation classification, residents might further increase allocation proportion of insurance, bank financing, stocks, bonds, etc.
[XFA Selection]
○ Deputy Director of the Ministry of Water Resources indicated on March 31 that the investment in water conservancy construction this year will exceed 488 billion yuan and will greatly drive upstream and downstream industries.
○ Officials from the National Development and Reform Commission (NDRC) indicate that the opinions on promoting innovation-driven reform are under formulation. Some regions will be selected for pilot.
○ Shenzhen launches “36 stratagems for financial reform” and makes all-round arrangement for the construction of “One Belt and One Road” and the Free Trade Zone in Qianhai and Shekou areas.
○ The State-owned Assets Supervision and Administration Commission (SASAC) of Guangxi Province actively pushes forward the reform and reorganization of SOEs and orderly develops mixed ownership economy.
○ IBM announces that it would invest 3 billion US dollars in establishing a department focusing on Internet of things within four years to build an open Cloud platform of Internet of things.
[Industry Information]
○ Liu Yandong emphasizes vocational education, online training market to see explosive growth
------
Liu Yandong, Vice Premier of the State Council, recently made an inspection on Guangxi Autonomous Region and required to accelerate the construction of modern vocational education system and further improve vocational education's ability in connecting with economy and serving the society through deepening comprehensive reform. It is also learnt that the Standing Committee of the National People's Congress has started the examination on the enforcement of vocational education law. Relevant officials point out that after 20-year implementation, some clauses of the vocational education law no longer adapt to the new requirements of modern society. Revision of the law shall be accelerated.
Comment: Vocational education is continuously concerned by senior officials of the central government recently. Its position might be further lifted after the revision of the vocational education law. Institutions predict that the potential market of vocational education might reach 1 trillion yuan by 2020. As for listed companies, Shenzhen Hongtao Decoration Co., Ltd. (002325.SZ) plans to control Beijing Shangxue Kuakao Co., Ltd. to layout online vocational education training. The Leyikao Education & Technology Group, under Beijing Lanxum Technology Co., Ltd. (300010.SZ), is actively planning third party vocational education.
○ Investment in coal chemical industry increases quietly, engineering equipment industry steps onto healthy development track
------
As reported by Shanxi Evening News, the province will invest 53 billion yuan in coal chemical industry and prioritize 48 key modern coal chemical projects. Shenhua-Yulin circular coal utilization platform, located in Shaanxi Province, was kicked off on March 27 with a total investment as high as 121.6 billion yuan. The investment in coal chemical industry is speeding up in these provinces with rich energy resources.
Comment: The National Energy Administration (NEA) pointed out earlier that proper development of coal-to-oil and coal-to-gas is of great significance to national energy security. Moreover, coal chemical industry can drive a series of industries including chemical equipment, downstream deep processing, supporting logistics, etc. to benefit local economic development. Among A-share companies, China National Chemical Engineering Co., Ltd. (601117.SH) and East China Engineering Science and Technology Co., Ltd. (002140.SZ) are total package companies of coal chemical industry. Coal chemical industry is their important business source.
○ CNPC to deepen reform, Xinjiang to see accelerated pilot
------
China National Petroleum Corporation (CNPC) convened the fourth meeting of deepening reform group on March 30. Zhou Jiping, President of the corporation, indicates that the pilot of decision-making power on business expansion in 2014 has achieved initial success and the development of mixed ownership reform also achieved new progress; the reform will be further deepened and continuous reorganization of some business will speed up in 2015.
Comment: CNPC has determined to let Xinjiang pilot mixed ownership reform in exploration and development. Under the promotion of deepening reform meeting, the pilot might see accelerated promotion. Among local oil and gas enterprises in Xinjiang, Guangzheng Group Co., Ltd. (002524.SZ) has cooperated with CNPC in gas station business; Xinjiang Tianfu Energy Co., Ltd. (600509.SH) is the energy integration platform of Xinjiang Production and Construction Corps.
[Announcement Interpretation]
○ Wonders Information to develop Internet medical service with RMB3.5 bln
------
Wonders Information Co., Ltd. (300168.SZ) plans to raise 3.5 billion yuan by issuing 67.97 million shares to Shanghai Wanhao Investment Co., Ltd., Pacific Asset Management Limited Liability Company, Taiping Asset Management Co., Ltd., Dacheng Fund Management Co., Ltd., Soochow Asset Management Co., Ltd., etc. at 51.49 yuan per share through private placement. The raised funds will be invested in four Internet medical projects, namely, health Cloud, medicine Cloud, insurance Cloud and medical service Cloud, and to pay off bank loans and supplement working capital. The company's annual report indicates that its net profit in 2014 grows by 29 percent and it proposes a 10-for-10 conversion of capital surplus into shares combined with 1 yuan dividend for every 10 shares.
Comment: After the private placement, the company will establish a development mode based on co-movement of "medical service, medicine and medical insurance" via technical means including "Internet of things", mobile Internet, etc. and build a one-stop medical service, medicine, medical insurance and health service platform with strong user engagement through Cloud service.
○ Tianrun Enterprises to acquire mobilephone game enterprise Diandianle Information Technology
------
Hunan Tianrun Enterprises Holding Co., Ltd. (002113.SZ) proposes to raise 900 million yuan by issuing 76.12 million shares at 11.82 yuan per share to major shareholders of Guangdong Hengrun Huxing Assets Management Co., Ltd., its substantial shareholder and a connected party and Shanghai Diandianle Information Technology Co., Ltd. 800 million yuan of the proceeds will be used to acquire 100 percent equities of Diandianle Information Technology and 100 million yuan will supplement the working capital of Tianrun Enterprises. The counterparty committed that the net profit of Diandianle Information Technology from 2015 to 2017 will be 65.00 million yuan, 81.25 million yuan and 101 million yuan, respectively. Diandianle Information Technology is principally engaged in the research and development as well as the operation of mobilephone online games with the Love Dance as its featured product. It recorded a net profit after extraordinary items of 25.32 million yuan in 2014.
Comment: Based on the committed profit of 65 million yuan of Diandianle Information Technology in 2015, the P/E ratio in this acquisition is only 12 times.
○ Fangxing Science & Technology to acquire K&D Technology and develop in downstream industrial chain
------
Anhui Fangxing Science & Technology Co., Ltd. (600552.SH) plans to purchase 75.58 percent equities of Shenzhen K&D Technology Co., Ltd. with 529 million yuan by issuing shares and paying in cash. Fangxing Science & Technology will pay 84.81 million yuan in cash and issue 24.53 million shares at 18.11 yuan per share through private placement. The counterparty committed that the net profit after extraordinary items of K&D Technology will be no less than 70.00 million yuan, 87.50 million yuan and 105 million yuan, respectively, from 2015 to 2017. K&D Technology is principally engaged in the production of liquid crystal display modules, capacitive and resistive touch screen modules. It is in the downstream of the liquid crystal display industrial chain.
Comment: Bengbu Design & Research Institute for Glass Industry, the substantial shareholder of Fangxing Science & Technology, has started reform for scientific research institutes. The reorganization represents an expansion in the industrial chain. The substantial shareholder may conduct further operation in reform in the future.
○ Dongguan Development to raise RMB1.5 bln through private placement to develop finance leasing
------
Dongguan Development (Holdings) Co., Ltd. (000828.SZ) intends to raise 1.5 billion yuan by issuing 205 million shares at 7.32 yuan per share through private placement to its controlling shareholder Dongguan Road Bridge Development and Construction Corporation, GF Securities Asset Management Co., Ltd. and Heaven-Sent Capital Management Group Co., Ltd. The proceeds will be invested in its subsidiary Guangdong Rongtong Finance Leasing Co., Ltd. to expand its finance leasing business. The subscriber of the Dongguan Development No. 1 assets management plan set up by GF Securities Asset Management is the employee shareholding plan of Dongguan Development in 2015.
Comment: The investment increase will facilitate the implementation of the company’s development strategy with “twin engines of production and finance”. The subscription by the employee shareholding plan in the private placement is in line with the mixed ownership system reform.
○ Shandong Oriental Ecean to issue new shares through private placement, 70% to its share holders
------
Shandong Oriental Ocean Sci-Tech Co., Ltd. (002086.SZ) plans to raise 1,373 million yuan by issuing 100 million shares at 13.73 yuan per share through private placement to its controlling shareholder Shandong Oriental Ocean Group, Evergrand Capital, Zhu Chunsheng, Li Beiduo, Che Zhiyuan etc. The proceeds will be used to repay the bank loans and short-term financing bonds as well as supplementing working capital. Among the participants of the issuance, the controlling shareholder Shandong Oriental Ocean Group will subscribe 60 million shares in cash. Che Zhiyuan, son of the actual controller Chen Shi, will subscribe 2 million shares in cash. The company’s supervisor Zhu Chunsheng will subscribe 10 million shares in cash.
[Financial Reports Express]
○ Fenda Technology proposes high share conversion and dividend ------
Shenzhen Fenda Technology Co., Ltd. (002681.SZ) proposes an 8-for-10 conversion of capital surplus into shares combined with 1.5 yuan dividend for every 10 shares according to its 2014 annual report. The company announced earlier that its net profit in 2014 increased by 10 percent and its net profit will grow 40 to 60 percent in the first quarter of this year.
○ Zhenye (Group), Han’s Laser and Yulong Steel Pipe expects profit growth in Q1
------
Thanks to the significant increase in the sales area can be carries forward compared with the corresponding period of last year, Shenzhen Zhenye (Group) Co., Ltd. (000006.SZ) expects its net profit to see an increase of 518 to 567 percent in the first quarter year on year. Han’s Laser Technology Industry Group Co., Ltd. (002008.SZ) estimates that its net profit in the first quarter will grow 120 to 150 percent year on year, which is mainly attributed to the orders growth and finance expenses decline compared with the same period of last year. Jiangsu Yulong Steel Pipe Co., Ltd. (601028.SH) forecasts that its net profit in the first quarter will grow 60 to 90 percent year on year as a result of the delivery of goods for overseas orders from Africa and the Central Asia in this quarter.
[Data Speaks]
○ Trading turnover and balance both surge, securities companies’ March results to stand out
------
The trading turnover at the Shanghai and Shenzhen stock exchanges in March reached nearly 21 trillion yuan, hitting a record high. The total trading turnover in the first quarter hit 41 trillion yuan, representing an increase of 240 percent from the corresponding period of last year. Besides, the margin trading balance at the Shanghai and Shenzhen stock exchanges also hit a new high of 1.48 trillion yuan by March 30. It is estimated that securities companies will record a margin trading revenue of approximately 25 billion yuan in the first quarter, which is about 50 percent of the total amount of last year. The monthly operation reports of securities companies in March to be released may beat the market expectation.
[Trading Trends]
○ Four institutional seats buy Rainbow Fine Chemical Industry
------
The trading volume ranking list on March 31 shows that four institutional seats bought Shenzhen Rainbow Fine Chemical Industry Co., Ltd. (002256.SZ) with a total of 150 million yuan, accounting for 20 percent of its intraday turnover.
Comment: The company announced on March 31 noon that it would cooperate with China Nuclear Industry 22nd Construction Co., Ltd. in the establishment of a solar energy photovoltaic power station with a total investment of 8 billion yuan and a scale of no less than 1GW. Research institutes believe that the company’s photovoltaic power station will expand rapidly and the results may surge.
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