On 11 March 2013, CWP, CDBI and ChinaAMC Capital entered into a non-legally binding MOU. The MOU is subject to the parties entering into a formal agreement.
The JV shall be engaged in the investment, management and operation of solar energy projects inside and outside the PRC. According to the MOU, the JV will be owned as to 45% by CWP, 25%-40% by CDBI and 15%-30% by ChinaAMC Capital.
CDBI is a wholly owned subsidiary of CDBC which is a wholly owned subsidiary of China Development Bank. CDBC was established pursuant to an approval of the State Council of the PRC and was established as the investment arm of China Development Bank. As set out in the MOU, CDBC is principally engaged in the urban development, assets investment, overseas investment and funds management.
ChinaAMC Capital is an alternative investment platform established by China Asset Management (Hong Kong). China Asset Management (Hong Kong) Limited is an investment management company licensed by the Hong Kong Securities and Futures Commission to engage in Type 1 (dealing in securities), Type 4 (advising on securities) and Type 9 (asset management) regulated activities. China Asset Management (Hong Kong) Limited is a wholly owned subsidiary of China Asset Management Co., Limited. According to the website of China Asset Management Co., Limited, it is a management company approved by China Securities Regulatory Commission and it is an investment manager for the National Social Securities Fund, corporate annuities, QDII (Qualified Domestic Institutional Investor) funds and Exchange Traded Funds in the PRC.