Hongbao Enters Solar Business    

Jiangsu Hongbao Hardware Co., Ltd. (Hongbao, SZ: 002071) announces to expand business to solar energy market. The company and its wholly owned subsidiary Jiangsu Hongbao Forging Co., Ltd intend to establish a joint venture partnering with Jiangsu HK Yang Industrial Co., Ltd. and others, for the manufacture of solar silicon wafers and crystal components.
   The proposed project is located at Zhangjiagang Development Zone with a land of 73 square kilometers in Jiangsu province. The RMB175 million project is designed to produce 300 MW solar silicon wafers and 100 MW crystal components.
   The move is to respond with the growing demand for solar energy and seize the new business opportunities and raise the profit-making ability, Jiangsu Hongbao said. The company focuses on hardware and medicine machinery businesses now.