Gowin New Energy Grp - Trading Update
RNS Number : 3656F
Gowin New Energy Group Limited
07 November 2022
 

7 November 2022

 

Gowin New Energy Group Limited

("Gowin", the "Group" or the "Company")

Trading Update

 

The Directors of Gowin are pleased to provide the following update on trading:

 

On 10 February 2022, the Company announced its intention to commence trading in high quality agarwood products, including agarwood incense which is widely used in religious ceremonies in Taiwan and essential oil which can be applied in many ways in daily life.  As reported in the Group's 2022 Interim Report on 21 September 2022, since February the Group has focused on the design and preparations for this business including relevant sales, distribution and other relevant agreements.

 

Today, the Group is pleased to announce that it is ready to begin trading in raw agarwood products. The first phase of the business will involve acquiring and selling raw agarwood directly to a reseller. The product comes with an agarwood manual which initially will be in paper form, but will be replaced by a non-fungible token ("NFT") in the medium term. Once the NFT is issued, it will succeed the paper manual and be accompanied by a letter of guarantee of agarwood artifact. This NFT will be indivisible from the actual product, environmentally friendly, with minimal risk of a price bubble. The customer will own both the product and NFT, an attractive proposition for the end user.

 

Over time, Gowin intends to expand its agarwood product range to include agarwood artifact collection, raw wood, sculpture, amulet, beads and high-class incense.

  

According to Taiwanese trading regulations, sales of agarwood to the end user must be made by a Taiwanese company and so in the short term Gowin will engage Fonyu Investment Consultants Company Limited ("Fonyu") for this purpose and Fonyu will be paid a commission on all sales made in order to cover the taxes that Fonyu will have to pay. Fonyu is a Taiwan incorporated private company controlled by the Gowin's CEO, Mr Chen, and therefore sales of agarwood products will be deemed as related party transactions under the AQSE Growth Market Access Rulebook.  Full details of the related party transactions will be disclosed in the Company's annual financial statements. Garry Willinge, the independent director, having exercised reasonable care, skill and diligence, considers the related party transaction arrangements to be fair and reasonable as far as the shareholders of the issuer are concerned.

 

It is the intention that in due course trading in agarwood will be through a Gowin Taiwanese branch, yet to be established, thereby removing the involvement of Fonyu.

 

This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

 

The directors of Gowin New Energy Group Limited accept responsibility for this announcement.

For further information please visit company's website at www.gowingrp.com or contact the following:

Gowin New Energy Group Limited 

Garry Willinge

Tel: +852 9100 9972

 

Novum Securities Limited

AQSE Corporate Adviser

David Coffman / George Duxberry

Tel: +44 (0)207 399 9400

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