Tianneng Power International Limited (the "Company" or "Tianneng Power") and its subsidiaries (the "Group") are engaged in producing motive battery products in the People's Republic of China ("China"). As at 31 December 2008, the Company is the largest listed lead-acid motive battery producer for the electric bike market in China.
The Company was incorporated and registered as an exempted company with limited liability in the Cayman Islands under the companies law of the Cayman Islands on 16 November 2004. It completed its initial public offering of 300,000,000 shares on the main board of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") on 11 June 2007. The Company was the first electric bike lead-acid motive battery manufacturing company in China to obtain the listing status in Hong Kong.
As at 31 December 2008, the Group owns six production plants, three of which are located in Changxing County in Zhejiang Province, one in Wuhu City in Anhui Province and two in Shuyang County in Jiangsu Province in China. The annual production capacity for leadacid motive battery products was approximately 31 million units as at 31 December 2008.
Despite the global financial turmoil surfaced in the second half of the year 2008, the Company still achieved growth in its profits and increase in its competitiveness during the year of 2008. The success of the Company was attributable to the following competitive advantages: (1) strong brand recognition and market leadership; (2) unique technology know-how to produce high-quality motive battery products at competitive prices; (3) strong distribution and service network satisfying the demands in both primary and secondary markets; (4) strong product research and development capability; and (5) strong and experienced management team.
Regarding its future development, the Company will continue to focus on the motive battery market in China and to achieve further growth by (i) expansion of its production capacity; (ii) cost controls and efficiency improvement; (iii) extending application of existing products; and (iv) the development of new products such as lead acid storage battery and motive battery for electric car.
updated as per Annual Report 2008
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