uly 26 – L.R. Capital, a global investment and alternative asset manager headquartered in Hong Kong, has recently announced that Marcellus Wong Yui-keung, the Vice Chairman of its Global Advisory Committee and a former Partner, Head of Tax Risk and Quality in PricewaterhouseCoopers, Asia Pacific,has officially joined the Board of China Minsheng New Energy (the “Company”) and will act as an Independent Director of the Company. China Minsheng New Energy is a wholly owned subsidiary of China Minsheng Investment (“CMI”). The company was established on October 29, 2014, with a registered capital of RMB 8 billion. It is a professional investment platform of CMI in the field of new energy.
Marcellus Wong has been involved in tax compliance and advisory services for over 30 years. He has worked for the Inland Revenue Department in Hong Kong, where he was responsible for handling tax investigations, objections and litigation. After he retired as Tax Partner from PwC in 2012, he has continued to be a Senior Advisor to the accountancy firm. Mr. Wong is a member of the Joint Liaison Taxation Committee of the Hong Kong SAR Government. He is a Certified Tax Adviser in Hong Kong, is a member of the Hong Kong Institute of Certified Public Accountants and a fellow of the Australian Society of Certified Practicing Accountants. He was the President of the Taxation Institute of Hong Kong from 1996 to 1999. He was also the President of CPA Australia (Greater China Division) from 2004 to 2005 and currently he is still an Honorary Advisor to the CPA. Mr. Wong was repeatedly named as one of “The Leading Tax Advisers in China/Hong Kong” in surveys by Euromoney International Tax Review.
China Minsheng Investment was organized by All-China Federation of Industry and Commerce (ACFIC), launched by 59 well-known private enterprises and approved from the State Council. It is highly recognised by the PRC government as it is the only private enterprise approved by the State Councilto use “China” in its name. It is also the China’s largest private enterprise by registered capital and has registered capital of RMB50 billion and the 59 enterprises that jointly launched CMI have total assets of over RMB 1 trillion. CMI undertakes the state mission by integrating over capacity industries and focusing on strategic emerging industries and be committed to overseas investment. It aims to build itself into a conglomerate with advanced business model, comprehensive investment areas and robust investment capability.
China Minsheng New Energy’s main businesses include project development, investment, construction, operation and maintenance in the new energy sector. Its strategy is to enter the photovoltaic (PV) industry with a focus on photovoltaic energy generation projects. Its goal is to turn the company into a first-class private new energy investment operation group that can compare with top power generation groups in China’s new energy sector. China Minsheng New Energy has already launched a few landmark project in China, including the 200MW photovoltaic power generation project (Tongxin PV Project) in Ningxia started in late 2014. With total investment of c.RMB1.5 billion, the project covers an area of 7,648 mu and is expected to begin on-grid power generation in 2015. In April 2015, Yanchi PV project had its cornerstone laying ceremony in Ningxia. With total investment of RMB15 billion, the project is expected to generate 2GW PV power, covering an arear of 60,000 mu. It will be the largest signal PV power generation project upon completion in the world. Three PV power generation projects totaling 100MV will be acquired in the nearfuture.