On 15 Oct, the company signed an agreement with Guangdong O’Meet Group to jointly establish Guangdong O’Meet Environmental Investment Co., Ltd., as part of its plan to enter into the resources and environmental protection fields.

The joint venture will bring together the company’s strong financing capacity, management solutions and O’Meet Group’s rich operating experiences in the environmental field. O’Meet Group, an expert in the recycling of used home appliances, has production lines that greatly decrease recycling cost and eliminate pollution.

Other than the recycling of discarded home appliances, Guangdong O’Meet Environmental Investment will also invest in a wide range of environmental protection fields that help to promote industrial development and, with strong technical support from E. I. du Pont de Nemours & Co., it will participate in the recycling of used electronic products.

O'Meet Group Chairman Lin Chuntao said that it is the first time a domestic home appliance enterprise will collaborate with a professional environmental company in which the result is a competitive and sustainable business environment for both.

Li Dongsheng, Chairman of the company, believes that the recycling of discarded home appliances will help relieve the tight non-renewable resource supply in China, reduce pollution, decrease company costs and improve the competitiveness of domestic products, all at the same time. The joint venture, an embodiment of the company's consciousness to shoulder social responsibilities, is a step to meeting the precedents set by developed countries.

Source: Securities Daily

Date: 17 Oct 2008

CN01/DC/LZ/NK/KM