China Dynamics and CSIC Sign Strategic Cooperation Agreement
Jointly Develop Next Generation Electric Vessel Business and New Electric Ferryboats
Expands R&D Technology to Cater Global Electric Vessels Market
(Hong Kong, 2 April 2019) – China Dynamics (Holdings) Limited (“China Dynamics” or the “Group”) (HKEx stock code: 476), a provider of new energy vehicles and technology integrated solutions, has signed a strategic cooperation agreement with four business units under China Shipbuilding Industry Corporation (“CSIC”). The parties concerned will together develop new generation electric vessels and new electric ferryboats, and the proven technology will be applied in other suitable vessel types and promoted in Hong Kong and markets worldwide.
To respond to the global advocacy for green transportation, the Group and CSIC have expanded their scope of cooperation and now become strategic partners to develop new vessels powered by new generation energy sources including hydrogen fuel cells, lithium batteries and diesel-electricity hybrid engine and related systems. They will be first introduced in Hong Kong and the Guangdong-Hong Kong-Macao Bay Area (“Bay Area”), and then in major cities around the world including Paris, Moscow, London, New York, Venice and Amsterdam to meet demand for clean inland water and coastal water transports, which will enable the partners to enlarge their share in the global electric vessel market.
Mr Cheung Ngan, Chairman of China Dynamics, said “The Group is very pleased with this partnership with CSIC dedicated to developing electric vessel business that has huge market potential. CSIC has the most comprehensive vessel related capabilities in the Mainland, whereas China Dynamics boasts leading technologies for offering new energy vehicle technology solutions and whole vehicle – engine and all components – manufacturing. Thus, the cooperation with CSIC’s four business units will bring synergies to us and allow us to speed up R&D. We will soon be able to launch energy-efficient ferryboats that use new generation power sources.”
As ferry transportation continues to develop, the electric vessels market will see rapid development. In the Mainland, since the State Council issued the “Three-Year Action Plan to Win the Blue Sky Defense War”, all municipal authorities have hastened formulating rectification measures, including looking into subsidizing conversion of electric ferries, among others, to help realize green shipping. In Hong Kong, a plan is to encourage those bidding for ferry service tenders to use environmentally friendly vessels and equipment to help reduce air pollutant emissions. China Dynamics and CSIC are committed to pursuing research and development of electric vessels and electric ferryboats for Hong Kong, and taking advantage of Hong Kong’s position as an international shipping center, to promote products in the Bay Area and to markets around the world.
The four CSIC business units which signed the strategic cooperation agreement are: China Ship Design & Research Center Co., Ltd., CSIC Yuanzhou (Beijing) Science & Technology Co., Ltd., Wuxi Silent Electric System (SES) Technology Co., Ltd., and中船重工（廈門）海陸智慧科技有限公司.
Mr Cheung Ngan, Chairman of China Dynamics (center in the front row) signs a strategic cooperation agreement with the representatives from China Ship Design & Research Center Co., Ltd., CSIC Yuanzhou (Beijing) Science & Technology Co., Ltd., Wuxi Silent Electric System (SES) Technology Co., Ltd., and中船重工（廈門）海陸智慧科技有限公司 to develop new ferryboats that use new power sources.
About China Shipbuilding Industry Corporation
Established in 1999, China Shipbuilding Industry Corporation is an ultra-large state-owned enterprise born of the reorganization of several business units originally of China State Shipbuilding Corporation. It is managed by the State Council of the People’s Republic of China and operates mainly the businesses of ship building and repair (including military and civil use vessels), shipping-related equipment, shipping-related technology development, and cargo and technology import/export, etc. Its headquarters is in Beijing.