Gowin New Energy Group Limited Trading Update (3656F)
07 November 2022 - 6:00PM
UK Regulatory
TIDMGWIN
RNS Number : 3656F
Gowin New Energy Group Limited
07 November 2022
7 November 2022
Gowin New Energy Group Limited
("Gowin", the "Group" or the "Company")
Trading Update
The Directors of Gowin are pleased to provide the following
update on trading:
On 10 February 2022, the Company announced its intention 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. As reported in the Group's 2022 Interim Report on 21
September 2022, since February the Group has focused on the design
and preparations for this business including relevant sales,
distribution and other relevant agreements.
Today, the Group is pleased to announce that it is ready to
begin trading in raw agarwood products. The first phase of the
business will involve acquiring and selling raw agarwood directly
to a reseller. The product comes with an agarwood manual which
initially will be in paper form, but will be replaced by a
non-fungible token ("NFT") in the medium term. Once the NFT is
issued, it will succeed the paper manual and be accompanied by a
letter of guarantee of agarwood artifact. This NFT will be
indivisible from the actual product, environmentally friendly, with
minimal risk of a price bubble. The customer will own both the
product and NFT, an attractive proposition for the end user.
Over time, Gowin intends to expand its agarwood product range to
include agarwood artifact collection, raw wood, sculpture, amulet,
beads and high-class incense.
According to Taiwanese trading regulations, sales of agarwood to
the end user must be made by a Taiwanese company and so in the
short term Gowin will engage Fonyu Investment Consultants Company
Limited ("Fonyu") for this purpose and Fonyu will be paid a
commission on all sales made in order to cover the taxes that Fonyu
will have to pay. Fonyu is a Taiwan incorporated private 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. Garry Willinge, the independent
director, having exercised reasonable care, skill and diligence,
considers the related party transaction arrangements to be fair and
reasonable as far as the shareholders of the issuer are
concerned.
It is the intention that in due course trading in agarwood will
be through a Gowin Taiwanese branch, yet to be established, thereby
removing the involvement of Fonyu.
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 / George Duxberry
Tel: +44 (0)207 399 9400
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
NEXBZLFBLFLBFBE
(END) Dow Jones Newswires
November 07, 2022 02:00 ET (07:00 GMT)
Gowin New Energy (AQSE:GWIN)
Historical Stock Chart
From May 2024 to Jun 2024
Gowin New Energy (AQSE:GWIN)
Historical Stock Chart
From Jun 2023 to Jun 2024