---
title: "SINCEREWATCH112 spent 1.12 million yuan to purchase a 51% stake in the natural gas wholesaler Nantong Rongyu"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/274733906.md"
description: "SINCEREWATCH HK acquired 51% equity in Nantong Rongyu Energy Technology for RMB 1 million, aiming to expand its clean energy business. Nantong Rongyu focuses on natural gas wholesale and related businesses, with a net profit of approximately RMB 1.39 million last year. The acquisition will be paid through a 12-month acceptance bill with an annual interest rate of 5%. At the same time, Kang Shilong has been transferred to the position of executive director, and Zhou Zhihui has been appointed as an independent non-executive director. The group's shares have been suspended from trading since July 2 of last year"
datetime: "2026-02-04T00:40:00.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/274733906.md)
  - [en](https://longbridge.com/en/news/274733906.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/274733906.md)
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/274733906.md) | [繁體中文](https://longbridge.com/zh-HK/news/274733906.md)


# SINCEREWATCH112 spent 1.12 million yuan to purchase a 51% stake in the natural gas wholesaler Nantong Rongyu

According to a report from Economic Information Agency on the 4th, SINCEREWATCH HK (00444) announced the acquisition of a 51% stake in Nantong Rongyu Energy Technology for a price of RMB 1 million (approximately HKD 1.12 million), which will be paid through the issuance of promissory notes.

The group stated that Nantong Rongyu Energy Technology is engaged in natural gas and refined oil businesses, specializing in natural gas wholesale, vehicle refueling, and gas station construction, with a net profit of approximately RMB 1.39 million last year. The promissory notes have an annual interest rate of 5% and a term of 12 months. The group indicated that it adopts a prudent approach to its existing business, thus the acquisition will expand its clean energy business and diversify its revenue sources.

\\\* Independent Director Kang Shilong is reassigned as Executive Director, and Zhou Zhihui is appointed as Independent Director \*

Additionally, the group stated that Kang Shilong will be reassigned from Independent Non-Executive Director to Executive Director, and Zhou Zhihui has been appointed as Independent Non-Executive Director, effective today. Zhou Zhihui is an Independent Non-Executive Director of Emerging Optics (00125) and the Chief Financial Officer of Easy Life Holdings (00223). The group's shares have been suspended from trading on the Stock Exchange since July 2 of last year. (wh)

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