Gowin New Energy Grp - Trading Update
07/11/2022 07:00
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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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