Victory Harbor Environmental Technology (01845.HK) subsidiary and Changzhou Rongzhixiang have entered into a termination joint venture agreement.

News from the Zhitong Finance and Economics App, VeHarbor Environmental Technology (01845.HK) announced that its indirect wholly-owned subsidiary, Dehui Environment, has entered into a joint venture agreement with Rong Zhixiang in Changzhou. According to this agreement, both parties have agreed to establish a joint venture company in China and set out terms regarding ownership, funding, and management of the joint venture company. The joint venture agreement is beneficial for all parties to effectively utilize resources and complement the group's existing businesses. By combining the group's resource recovery technology (currently used in the waste plastic recycling business) with Rong Zhixiang's expertise and professional knowledge in resource recovery technology (including specialized environmental protection equipment manufacturing capabilities), the board believes that establishing the joint venture company will enhance the group's existing businesses through synergies, achieve mutual benefits, and improve the group's competitiveness. Most importantly, it will create value for its shareholders, employees, and other stakeholders.