Stock Alteration--Chigo HVAC Starts Operating Independently from Chigo Holding


Chigo Holding (HK.00449) announced on April 1 that it completed the alteration in investor behaviors and sold 40% shares of Guangdong Chigo Heating&Ventilation Equipment Co., Ltd.. After the stock alteration, Jinheyi Investment Co., Ltd.(the actual controller was Zhangquan) , Chigo Holding, Wang Feng, Ma Junxia and Tong Zhijun held 55.4%, 30%, 8.4%, 4.0% and 2.2% of the share in Chigo HVAC respectively.



Moreover, Chigo HVAC is no longer accounted for as a subsidiary of Chigo Holding's financial statements. AlthoughChigo HVAC will continue to use the Chigo brand to produce and sell air-conditioning equipment for a long time, and the company has its own brand GCHV. Furthermore, in addition to these two brands, the management team of Chigo HVAC takes confidence that the strategic decision to focus most on OEM production will continuously help the company to get rapid growth figure.

Chigo HVAC has achieved great success over the past few years. And this development will enable them to amplify growth plans, accelerate expansion of their operations and build a stronger network to further gain market share.

After completed the alteration in investor behaviors, Chigo HVAC has became a company that independently operates production, operation and business cooperation and was managed by it’s Chairman Zhang Quan and the management team. This important change has brought new development opportunities to Chigo HVAC, which drives Chigo HVAC continuously to increase investment in R&D and manufacturing to provide more high-quality air-conditioning products and more intimate customer service to the market.