China Dynamics and Eastern Ferry Sign Mou for Strategic Cooperation to Jointly Promote Green Marine Transport

May 20, 2019 20:45 JST

Source: China Dynamics (Holdings) Limited

Launch of Hong Kong's First Electric Ferryboat Likely Soon

HONG KONG, May 20, 2019 - (ACN Newswire) - China Dynamics (Holdings) Limited ("China Dynamics" or the "Group") (HKEX stock code: 476), a provider of new energy vehicles and technology integrated solutions, and Eastern Ferry Company Limited ("Eastern Ferry") have signed a Memorandum of Understanding ("MOU") for strategic business cooperation, with the intention of jointly promoting development of green marine transportation in Hong Kong.

Mr Cheung Ngan, Chairman of China Dynamics (left) and Mr Keung Siu Fai, General Manager of Eastern Ferry sign MOU for strategic cooperation

According to the MOU, China Dynamics plans to provide new energy ferryboats to Eastern Ferry that match the partner's upgrade and replacement needs to meet environmental protection and energy-saving requirements for marine vessels in Hong Kong. After preliminary discussions, the two parties believe they should pursue further negotiation for a formal procurement agreement. According to the plan, the new energy ferryboat will run between Aberdeen and Ap Lei Chau over a distance of 1.2 km. The new ferryboat, which will be no more than 10 m long, will have a body made entirely of fiberglass or aluminium alloy and sail at a speed of between three to five knots, carrying no more than 30 passengers.

In light of increasing awareness of the need to protect the environment, different localities are encouraging transportation companies to save energy and reduce carbon emissions, and on top of that, ferry transport has kept developing with the electric vessel market growing rapidly. In its ferry service tenders, the Hong Kong Government plans to include terms that encourage ferry operators to use environmentally-friendly vessels and equipment, so as to reduce air pollution emissions.

China Dynamics previously signed a cooperation agreement with China Shipbuilding Industry Corporation to pursue research and development of electric boats and ferryboats for Hong Kong, and take advantage of Hong Kong's position as an international shipping centre to promote products in the Greater Bay Area and to markets worldwide. Moreover, the Group owns core technologies of new energy vehicles, supported by its R&D centres in Beijing, Tianjin, Shenzhen and Dongguan, and operates a new energy automobile industrial base in Wulong, Chongqing to help it develop and produce proprietary electric vehicles. The Group's Big Data based vehicle networking platform, Cloud Platform and remote intelligent control terminal are among the first deployments in China passing relevant inspections by the National New Energy Monitoring platform and the China Automotive Engineering Research Institute. The electric vehicle business of the Group has enjoyed good progress.

Mr Cheung Ngan, Chairman of China Dynamics, said, "We are delighted to sign the MOU with Eastern Ferry, as it means we are moving closer to a formal procurement agreement. The MOU also marks our success of extending application of new energy technology from automobiles to boats. The first electric boat to set sail in Hong Kong will also likely be the first pure electric ferryboat in the city, charting the course for the city's green shipping development."

About China Dynamics (Holdings) Limited (SEHK: 476)
China Dynamics (Holdings) Limited is a pioneer and practitioner in the field of new energy commercial vehicles in China and a whole vehicle manufacturer of specialty passenger vehicles and new energy passenger vehicles. It is an integrated driving and logistics solutions provider, with a solid technological foundation in areas including new energy platform power system and its key components, light structural design, fuel cell system integration technology and intelligent network technology. The Group has two production bases in Chongqing, one in Wulong and the other in Qijiang. Moreover, having won a project from Hong Kong Government to develop Hong Kong's own electric bus brand, the Group will actively develop the Hong Kong and overseas bus markets. It has different models of new energy commercial vehicles launched to market for sale as permitted and announced by the Ministry of Industry and Information Technology.

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Source: China Dynamics (Holdings) Limited
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