Tongwei Co., Ltd. and CR Power Signed the Strategic Partnership Framework Agreement

A few days ago, the signing ceremony for the Strategic Partnership Framework Agreement between Tongwei Co., Ltd. and CR Power was held in Shenzhen. Shi Baofeng, Secretary of the Party Committee and President of CR Power, and Xie Yi, Secretary of the Party Committee of Tongwei Group and Chairman of the Board of Tongwei Co., Ltd., held a discussion on further cooperation between the two parties, and the main leaders of the two parties attended and witnessed the signing ceremony.

Site of signing ceremony

During the ceremony, President Shi Baofeng gave a detailed presentation on the business structure of CR Power and the status of its industrial projects, and also expressed expectation of further cooperation between the two parties. CR Power is a subsidiary of China Resources Holdings listed in Hong Kong, and it is one of the energy companies with the highest efficiency and greatest profitability in China. In pursuit of lower cost, higher efficiency and green development, the company has fully implemented its strategic transformation in the recent years, accelerated its business expansion to the clean energy sector, boosted development of the clean energy sources including offshore/onshore wind power, PV, gas-fired power and hydroelectric power, explored the new sectors or paths including intelligent energy, intelligent power plant and intelligent energy storage, and made progress in implementing multiple integrated energy service projects. According to President Shi Baofeng, it is very challenging to accomplish the planned objective regarding additional new energy based installed capacity during the "14th Five-year Plan". A viable path to this end is to fully tap the advantages and strengthen partnership with the upstream and downstream enterprises. Tongwei has much in common with China Resources in terms of development history and corporate culture. The previous collaboration between the two companies was a pleasant experience, so both parties hope to initiate diverse cooperation in more areas by seizing the opportunity of this agreement.

Discussion

Chairman Xie Yi, on behalf of Tongwei, expressed gratitudes to President Shi Baofeng for the latter's warm reception, and commented that China Resources is one of the central enterprises most deeply engaged in service of the people's livelihood and praised its persistent commitment to the social responsibilities and concentrated efforts to solve the key problems in livelihood. Xie was impressed by the professionalism and devotion of CR Power's team and said it was an honor to further the strategic partnership with CR Power. The electrification progress of automotive industry has exceeded the expectation, the "two carbon objectives" are pushing forward application of clean energy based electricity, and the PV industry is granted massive market space. Tongwei, the leading enterprise in polycrystalline silicon and solar cell markets, has always outstood in the industry in terms of profitability, cost, scale and general power consumption. With its advantageous integrated industry chain, Tongwei will spare no effort in providing CR Power with high-quality modules and services. It is hopeful that both companies will further their business cooperation and accomplish win-win development through the complementarity of their superior resources.