On August 9, 2008, Seiko Technology held the 5th Board of Directors in the conference room of the company. All the directors and supervisors of the company attended the meeting. The meeting reviewed and approved the 2008 Semi-annual Report and Summary. Five proposals including “Proposal of Zhejiang Jinggong New Energy Co., Ltd.” and “Proposal on Acquiring 70% Equity of Shaoxing Solar Energy Technology Co., Ltd. held by Zhejiang Jinggong Electromechanical Automobile Group Co., Ltd.”.
According to the overall development strategy of the company to enlarge and strengthen the solar photovoltaic industry, the company agreed to build a two-level legal person system of the parent company, and use the self-raised funds to invest 100 million yuan to establish a wholly-owned subsidiary - Zhejiang Jinggong. New Energy Co., Ltd. is mainly engaged in research and development, manufacturing, processing, sales and technical services of polysilicon solar products, polysilicon raw materials and related industry extension products. It is agreed that the company will acquire 70% equity of Jinggong Shaoxing Solar Technology Co., Ltd. held by Zhejiang Jinggong Electromechanical Automobile Group Co., Ltd. through Zhejiang Jinggong New Energy Co., Ltd., a wholly-owned subsidiary to be established.
The establishment of the above-mentioned wholly-owned subsidiaries and the acquisition of equity will enhance the efficiency of the company's new energy industry business decision-making and operation, and effectively control the business operation risks; on the other hand, the company's industrial modules will be more clear, and the company's solar energy will be further improved. The photovoltaic industry chain accelerates the development of the solar photovoltaic industry, enhances the core competitiveness of the company, and realizes the sustainable development of the company.