Gowin New Energy Group Limited Trading Update (2064B)
10 February 2022 - 6:00PM
UK Regulatory
TIDMGWIN
RNS Number : 2064B
Gowin New Energy Group Limited
10 February 2022
10 February 2022
Gowin New Energy Group Limited
("Gowin" or the "Company")
Trading Update
The Directors of Gowin are pleased to provide the following
update on trading:
Gowin has historically been engaged in the sale and investment
of LED related products based in Taiwan. Whilst the Company still
retains the ability to service this industry, it is in decline
globally and will now only take on contracts which are profitable.
The Company continues to hold a minority interest in a Taiwan-based
company, Taiwan Thick-Film Industries Corp., listed on the Taipei
Stock Exchange, which is principally engaged in the manufacture and
sales of LED backlight modules and components distributed primarily
in the Asia market.
In view of the declining LED industry, the Directors began to
seek other business opportunities and in 2017 began working on
launching a new tea trading business, focused on the collection,
distribution and sale (including auction market) of high-quality
Chinese Pu-erh tea and Taiwan high-mountain tea. Whilst the initial
phase of this plan was completed, including the establishment of a
new group company, Goyoung International Company Limited, to engage
in the tea business, COVID-19 restrictions in both China and Taiwan
have impacted the supply chain, delaying the formal launch of the
tea business.
Consequently, the ongoing pandemic has continued to impact on
the performance of Gowin and so the directors have explored
alternative ways to create value for shareholders. They have
recently been presented with the opportunity to commence trading in
high quality agarwood products, including agarwood incense which is
widely used in religious ceremonies in Taiwan and essential oil
which can be applied in many ways in daily life.
Gowin intends to launch an initial trial phase to coincide with
the upcoming traditional Chinese festivals. This trial will
commence in mid-February in order to target the Qingming Festival
at the beginning of the April with its increased level of gifting
and religious ceremonies. Should the trial be successful, Gowin
intends to develop a sustainable agarwood trading business.
The agarwood activities will be carried out by Rosin Trading
Limited, a 100% subsidiary of Gowin. According to Taiwanese trading
regulations, sales of agarwood to the end user must be made by a
Taiwanese company and so Gowin will engage Fonyu Investment
Consultants Company Limited ("Fonyu") for this purpose and Fonyu
will be paid a low commission on all sales just to cover the taxes
that Fonyu will have to pay. Fonyu is a Taiwan company controlled
by the Gowin's CEO Mr Chen and therefore sales of agarwood products
will be deemed as related party transactions under the AQSE Growth
Market Access Rulebook. Full details of the related party
transactions will be disclosed in the Company's annual financial
statements.
This announcement contains information which, prior to its
disclosure, was inside information as stipulated under Regulation
11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310
(as amended). Upon the publication of this announcement via a
Regulatory Information Service, this inside information is now
considered to be in the public domain.
The directors of Gowin New Energy Group Limited accept
responsibility for this announcement.
For further information please visit company's website at
www.gowingrp.com or contact the following:
Gowin New Energy Group Limited
Garry Willinge
Tel: +852 9100 9972
Novum Securities Limited
AQSE Corporate Adviser
David Coffman / Lucy Bowden
Tel: +44 (0)207 399 9400
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END
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