Quantum Solutions Co., Ltd. establishes joint venture with FOMM Company Limited
TOKYO, 2021年08月23日 - (JCN Newswire) - According to the announcement dated 12 July 2021 in respect of “Notice of Capital and Business Alliance with FOMM Limited”, Quantum Solutions (hereinafter referred to as the "Company") has agreed to form a capital and business alliance (hereinafter referred to as the “Capital and Business Alliance”) with FOMM Limited (hereinafter referred to as “FOMM”) and a joint venture agreement was signed today.
1. Purpose of setting up the joint venture
Pursuant to the Capital and Business Alliance, the Group has agreed to invest in FOMM. After discussion, the two parties agreed to set up a joint venture in Hong Kong, namely Quantum FOMM Limited (hereinafter referred to as the “New Company ”), to manufacture and distribute electric vehicles in China, in other words to serve the two companies as a vehicle to tap the China market. Asia TeleTech Investment Limited (hereinafter referred to as “ATT”), a wholly-owned subsidiary of the Company, will contribute capital direct to the New Company whereas FOMM will contribute capital as well.
2. Purpose and strategy of the Capital and Business Alliance
(1) Short term plan (12 months) The New Company plans to start mass production in China as soon as possible after making minor adjustments to the FOMM’s existing vehicle model – “FOMM ONE”. The two parties expect production costs to be significantly reduced by leveraging the highly efficient supply chain in China.
With production cost lowered, selling price will follow, and correspondingly significant increase in sales volume is projected. Therefore, FOMM and the New Company can expect to see sales volume climb markedly within a short period of time (within 12 months).
(2) Medium-term plan (12-24 months)
To launch a new type of EV that allows people-vehicle interaction via the Internet, it will first be launched in the China market, mainly in small cities and rural areas with large populations in the country.
As an independent Japanese mini-electric vehicle brand, FOMM is going to target small towns and rural areas of China with an aggregate population of approximately 900 million. The major product of FOMM is mini electric vehicle, which is suitable for use in small towns and rural areas of China, where the population is large while the roads are narrow for conventional vehicles to navigate. Therefore, mini electric vehicles should have huge demand in those towns and areas.
3. Joint Venture Companies Information
(1) Company Name Quantum FOMM Limited (2) Registered address ROOM 701-2 EVERBRIGHT CENTRE, 108 GLOUCESTER ROAD, WANCHAI, HONG KONG (3) Representative Director TUNG, CHUN FAI (4) Business nature Manufacturing of electric vehicles (5) Capital HKD30,000 (422,000 yen) (6) Establishment date 5 August, 2021 (7) Financial period February (8) Net Assets HKD30,000 (422,000 yen) (9) Total Assets HKD30,000 (422,000 yen) (10) Investment ratio ATT (Company 100%subsidiary): 66.7%、FOMM:33.3%
4. The financial results of joint venture
The New Company will set up a subsidiary in China (tentatively in Shanghai) to produce and distribute electric vehicles. Related financial results will be disclosed once they are available.
5. Overview of business partners (1) Company Name FOMM Company Limited (2) Registered address Kanagawa Prefecture, Kawasaki City, Kawasaki City, New Kawasaki 7-7 (3) Representative Representative Director Tsurumi Hijio (4) Business nature Planning, development, manufacturing & sales of EV (5) Capital 3,505 million yen (6) Establishment date 4 February, 2013 (7)Major shareholders and shareholding ratio Banpu Next Co., Ltd. (21.5%) (8)Relationship between the listed company - Capital relationship NA - Interpersonal NA - Business relationship NA - Relevant parties NA (9) The Company's consolidated operating performance and financial status during the last three years will not be disclosed in accordance with the requirements of the other party.
6. Overview of ATT
(1) Company Name Asia TeleTech Investment Limited (2) Registered address Flat B, 10/F, Tai Wo Mansion, 8 Tai Wo Street, Wan Chai, Hong Kong (3) Representative Director TUNG, CHUN FAI (4) Business nature Combination of 5G & AI technology related business (5) Capital HKD 4,000,000 (56,744,000 yen) (6) Establishment date 22 January, 2018 (7) Major shareholders and shareholding ratio FASTEPS SINGAPORE PTE LTD (100% subsidiary of the Company) 100% (8) Relationship between the listed company Capital relationship FASTEPS SINGAPORE PTE LTD (100% subsidiary of the company) s100% - Interpersonal Director TUNG, Chun Fai - Business relationship There are 305 million yen in money obligatory right and 9million yen is paid as servicing fee. - Relevant parties The company is a 100% subsidiary of the Company (indirectly owned) (9) The Company’s consolidated operating performance and financial status in the last three years Final accounts December 2018 December 2019 December 2020 Consolidated net assets △133million yen △172 million yen △153 million yen Consolidated total assets 34million yen 36 million yen 353 million yen 1 share of equivalent combined net assets - - - Consolidated sales 0 5 million yen 22 million yen Consolidated business loss △188million yen △40 million yen △30 million yen Consolidated often loss △188million yen △42 million yen △27 million yen Attributable to shareholders of the parent company Net loss for the period △189million yen △42 million yen △40 million yen
7. Schedule
(1) Date of signature 23 August, 2021 (2) Date of Establishment 5 August, 2021 ※ (3) Date of commencing business 1 October, 2021 (pending) ※ It is expected that the New Company will be established with 100% of ATT's shares. After signing a joint venture contract, FOMM will contribute capital to the new company after which the joint venture will be deemed set up.
8. Future valuation
The impact of this performance is being evaluated and all information will be disclosed as soon as possible after the detailed assessment. 【Quantum Solutions Co.,Ltd. Company Summary】 Company name:Quantum Solutions Co.,Ltd. (Second section of the Tokyo Stock Exchange Stock code:2338) Address:102-0073. Kudan VIGAS Bldg. 3F, 1-10-9 Kudan Kita, Chiyoda-ku, Tokyo, Japan Representative:SHAO YUN, Chairman of the board Capital :2,559 million yen Businesses:Content development and distribution, Software development Company URL: https://www.quantum-s.co.jp/
For media enquiries: Quantum Solutions Co.,Ltd. Sylvia Chan Email: info@quantum-s.co.jp
Source: Quantum Solutions Co., Ltd セクター: 金融, エネルギー, ビジネス, 代替エネルギー, EV
Copyright ©2024 JCN Newswire. All rights reserved. A division of Japan Corporate News Network.
|
Latest Release
Hitachi delivers a turnkey rail solution for Ho Chi Minh City's first urban railway Line 1 in Vietnam Dec 24, 2024 13:19 JST
| Nissan and Honda sign MOU to consider business integration Dec 24, 2024 11:18 JST
| Olympus Named to Dow Jones Sustainability World Index for the Fourth Consecutive Year Dec 24, 2024 11:00 JST
| Nissan, Honda, and Mitsubishi Motors sign MOU on collaborative considerations Dec 24, 2024 10:54 JST
| GAC Honda Begins Operation of New Energy Vehicle (NEV) Production Factory in Guangzhou, China Dec 24, 2024 10:23 JST
| Sarawak Premier Makes Inaugural Visit to Mitsubishi Power's Takasago Hydrogen Park Dec 24, 2024 10:10 JST
| Fujirebio and Eisai Enter into Memorandum of Understanding for Joint Research and Social Implementation of Blood-based Biomarkers in the Field of Neurodegenerative Diseases Dec 23, 2024 17:22 JST
| Fujitsu drives chemical industry logistics DX with participation in joint logistics demonstration Dec 23, 2024 13:30 JST
| Mitsubishi Motors Cumulative Production Reaches One Million Units in Indonesia Dec 20, 2024 17:35 JST
| Contract Renewed on Operation and Maintenance (O&M) Services for APM System at Washington Dulles International Airport Dec 20, 2024 17:24 JST
| Toyota Launches Alphard and Vellfire PHEV Models in Japan Dec 20, 2024 15:38 JST
| 6G Begins! Embarking on a New Journey of Global Interoperable Standards Dec 19, 2024 16:50 JST
| MI LNG Company to Change Corporate Name to MILES Dec 19, 2024 13:49 JST
| Two Honda 0 Series Prototype Models to Premiere at CES 2025 Dec 19, 2024 12:30 JST
| Honda Presents World Premiere of Honda S+ Shift, Next-generation e:HEV Technology Dec 19, 2024 12:13 JST
| NEC Completes new Asia Pacific submarine cable Dec 19, 2024 12:02 JST
| Enablement of JCB Contactless Payment at All NJ TRANSIT Contactless Bus and Light Rail Validators in New Jersey, New York, and Pennsylvania Dec 19, 2024 12:00 JST
| Honda Presents Next-generation e:HEV Technologies at Press Briefing on Honda e:HEV Business and Technology Dec 18, 2024 17:50 JST
| MHI Appoints CTO Eisaku Ito as Next President & CEO, Announces Changes in Board and Executive-level Personnel Dec 18, 2024 17:38 JST
| Honda to Utilize Existing Powertrain Unit Factory to Establish New Production Plant for Next-generation Fuel Cell System in Japan Dec 18, 2024 17:22 JST
|
More Latest Release >>
|