Tesson Holdings (01201) in new energy vehicles cooperation

    Tesson Holdings (01201) said its indirect non-wholly owned subsidiary Tesson New Energy Limited entered into a cooperation agreement with Weinan Hi-tech Industrial Development Co., Ltd. and Suzhou Zijing Qingyuan New Energy Automobile Technology Co., Ltd., in respect of the establishment of a new project company, Weinan Tesson Weicheng New Energy Automobile Co., Ltd., for the development of new energy vehicles, power system and related components to be produced by mainstream automobile manufacturers, including but not limited to a new vehicle model to be produced by a reputable automobile manufacturer based in the PRC.
  In particular, Tesson New Energy will contribute Rmb9 million to hold 15% stake in Tesson Weicheng.
  Tesson New Energy also entered into the memorandum of cooperation with K2 Energy (Suzhou) Co., Ltd. in respect of, among other things, a proposed strategic partnership in relation to a commercial vehicle power system supporting an energy vehicle manufacturing project of a reputable automobile manufacturer based in the PRC.
  Tesson Holdings added an extraordinary gain on disposal of the packaging printing business of about HK$254 million is expected to be recorded in current financial year; and the revenue for the three months ended 31 March 2018 was about Rmb9.37 million, representing a decrease from about Rmb50.4 million as recorded in the three months ended 31 March 2017.