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Sunshine Oilsands ( (HK:2012) ) has provided an announcement.
Sunshine Oilsands has formed a new joint venture in Shenzhen, Shenzhen Zhongwang Energy Technology, with its Shanghai-based subsidiary Sangxiang Petrochemical holding a 75% stake and Chinese investor Chen Jiongliang owning 25%. The venture will focus on selling smart heat pumps and investing in distributed geothermal and energy-saving projects across the Yangtze River Delta and Pearl River Delta, and its results will be consolidated into Sunshine’s financial statements.
The move is intended to diversify Sunshine Oilsands’ business portfolio and bolster revenue and cash flow while its Canadian project undergoes repair and maintenance. By partnering with Mr. Chen, who brings extensive experience and financing channels in China’s capital markets, the company aims to broaden funding sources and accelerate rollout of its geothermal and energy-efficiency initiatives in key Chinese economic regions.
More about Sunshine Oilsands
Sunshine Oilsands Ltd., listed in Hong Kong and incorporated in Alberta, Canada, operates in the energy sector with a focus on oil sands assets. Through its wholly owned subsidiary Sangxiang Petrochemical in Shanghai, the company is expanding into clean-energy‑adjacent technologies and services in mainland China.
YTD Price Performance: -19.77%
Average Trading Volume: 4,831,591
Technical Sentiment Signal: Sell
Current Market Cap: HK$197.1M
For an in-depth examination of 2012 stock, go to TipRanks’ Overview page.