BVI Company News

Diguang International Development Co., Ltd., manufacturing company located in Shenzhen and having its sales and marketing subsidiary registered in the British Virgin Islands, announced on September 24 that its subsidiary Shenzhen Diguang Electronics Co., Ltd. entered into an agreement with the Information Industry Department of Guangdong Province, under the terms of which it will receive specially allocated funds amounting for research, development and commercialization of a new super-slim LED backlight.

Under the terms of the new agreement, Diguang International will receive specially allocated funds amounting to 5 mln RMB, which will be provided in installments in 2008 and 2009, under a provincial program “Financial Support Project for the Development of the Flat Panel Display Industry in Guangdong Province”, the project which is estimated to reach the short-production stage by August 2010. The users of the LED backlight are expected to include LCD module makers and notebook and television display producers.

Song Yi, Company’s President and CEO, welcomed the support of the Guangdong provincial government, and commented that Diguang has been researching and engineering super-slim LED backlight solutions.  He said that the company is building optimal value and commercial potential into the new backlight, which will not only promote the development of LED backlight technology but also the entire display industry in Guangdong province.

BVI company A-Power Energy Generation Systems, Ltd., providing distributed power generation systems in China, announced on September 10 that Fuhrlander wind turbine has upgraded its largest wind turbine from 2.5 MW to 2.7 MW, and secured that Fuhrlander AG will supply all of the components needed to produce the first ten units of the 2.7MW units in time. The production will be started in October of this year, as was agreed before.

The 2.7MW wind turbine will supersede the license agreement for Fuhrlander’s 2.5MW wind turbine technology that A-Power entered into in 2007, and the upgrade will enable A-Power to produce wind turbines with an output of 2.7MW. All the components will be delivered to A-Power’s recently completed wind turbine production facility in Shenyang, China.

A-Power’s Chairman and CEO Mr. Jinxiang Lu informed investors on the progress the BVI company has made on the 2.7MW wind turbine production for 2008, working closely with Fuhrlander AG. By his words, Fuhrlander will provide intensive training for A-Power technicians at both Fuhrlander’s facility in Germany and A-Power’s facility in China.

The BVI company published comments on its business outlook for 2008 and 2009. Concerning distributed power generation (DG), A-Power has been actively engaged in international DG projects since the beginning of 2008. Besides the $150 million dollar contract that A-Power signed with its Thai customer in April 2008, in August the company announced signing of a MOU for a $300 million agreement to build a power generation system in Thailand. Now, A-Power is negotiating the last details of the future contract which is expected to be signed within the next 2 months.

Because A-Power has signed international contracts for countries with different climates, seasonal DG revenue curve is expected to rise, and the BVI company expects to achieve record third quarter revenue, and even larger revenue in the fourth quarter of 2008.

A-Power also plans to complete the second wind turbine production facility in Inner Mongolia in the mid-2009, and expects to be running the Shenyang and Inner Mongolia facilities at full capacity in 2010, with a total output of 1.8GW having an estimated sales revenue of over $2 billion dollars.

BVI-registered and Hong Kong-based EuroTech Holdings Company Limited announced on August 11 that its associated company, Zhejiang Tianlan Desulfurization and Dust-Removal Co. Ltd. in Zhejiang, China, which was founded in 2000, has received four contracts with various companies in China. The contracts on total amount of US$8.3mln cover design, manufacture, supply and commissioning of desulfurization equipment for boilers, for applications in paper, heat and power plants in Shandong, Fujian, Zhejiang and Guangdong.

It is not the first contract, “gradually being materialized in the second half of 2008”, by words of Mr. T.C. Leung, Chairman and CEO of the BVI company. Recently Euro Tech Holding Company (BVI)  announced that its wholly-owned and majority-owned subsidiaries have been awarded contracts from  Yang Cheng power generation company and US chemical company, worth US$1.9 mln and US$1.6 mln respectively.

Yucheng Technologies Limited, BVI-registered company providing IT solutions and services to the Chinese banking industry, announced a significant call center expansion project for the China Construction Bank, one of the top four commercial banks in China. The expansion will increase China Construction Bank’s total number of call center seats from 3,000 at the end of the year 2007 to 7,500, in order to serve rapidly-growing credit card and retail banking customers.

China Construction Bank is the largest credit card issuer among the top 4 banks in China. It is also the 2nd largest commercial bank in China by the total assets amount. The bank is headquartered in Beijing, has a network of more than 13,000 branches and outlets across the country and is presented in all major international money centres.

Total value of BVI company’s contract with the bank is more than US$13.7 million. The major part of the solution and implementation services associated with this call center expansion project will be recognized in the third quarter of the year.