Mr. Chen Xiao, Executive Director of the Board of Hybrid Kinetic Group presents at “2017 Ningbo-Hong Kong Economic Cooperation Forum” hosted in Hong Kong and signs investment agreement

September 27, 2017  Hybrid Kinetic Group, Ningbo Fenghua Government and Beijing WKW Automotive Parts Co., Ltd. (hereinafter referred as “Jingwei Shares”) signed an agreement, building a clean energy production base with an annual capacity of 300,000 cars, whose total amount of planned investment would reach RMB 17,000,000,000.

According to the agreement, Shanghai Xingkong Investment Management Co., Ltd. (hereinafter referred as “Shanghai Xingkong”), a wholly funded subsidiary of Hybird Kinetic Group Limited (Hong Kong) will establish a specified industrial fund and set up a master company with Jingwei Shares, namely, Ningbo HK-Jingwei Shares Co., Ltd., which will set up a project company with Ningbo Fenghua Government, where HK-Jingwei owns 80% of its shares and Ningbo Fenghua Government owns 20%.

HK Clean Energy Automotive Project chooses Fenghua, Ningbo as its location, whose planned area would reach 1,200,000 square meters, where a vehicle production base with an annual capacity of 300,000 cars will be built along with its mating power battery sites and range extender sites. The total investment would reach RMB 17 billion. What’s more, Ningbo Fenghua Government will provide an incentive fund worthy of RMB 3.4 billion for the construction of the project, 3 billion of which will be provided when the construction begins and the remaining of which will be provided after successful production.

The signing of agreements signals the official start of HK clean energy automotive project. HK Group will utilize the favoring geographical location and the supportive policy of Fenghua, Ningbo to build its clean energy automotive production base. Meanwhile, the project will also benefit Fenghua in terms of local economic development, industrial upgrade and creating jobs. HK Group plans to build the clean energy passenger vehicle production base as well as its core power battery and range extender production base in three years.

Fenghua, Ningbo has its unique advantage in location and complete mating industrial system. Local government will give full support and varieties of favoring policies for the project. HK Group will utilize its edge in core technology, provide excellent advanced technology and products, and contribute to the realizing Ningbo to be “a city of clean energy vehicle”. 

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