Wolong Electric Yinchuan Transformer

Red Phase's subsidiary Wolong Electric Yinchuan Transformer, in a consortium with Totalfor Comercio Internacional, has won a bid from Ecuador's national power company for equipment and services for transmission and substation expansion, valued at USD 38.0248 million.

Wolong Electric plans to transfer its 92.5% stake in subsidiary Wolong Electric Yinchuan Transformer to Xiamen Red Phase Power Equipment for 1.082 billion yuan, with 70% paid in shares and 30% in cash.