SHANGHAI ELECTRIC - SPX Engineering Technology Co., Ltd. (hereinafter referred to as “SHANGHAI ELECTRIC - SPX”) is a strategic enterprise which was established by joint capital contribution made by the SHANGHAI ELECTRIC and America SPX Group as one of the SHANGHAI ELECTRIC’s subsidiaries. The Company is committed to providing China and the specific international power market with the technologically leading air-cooling system, moisture separating re-heater (MSR) and other power generation equipment. SHANGHAI ELECTRIC-SPX was established in December 2011, with its HQ based in Shanghai, and it also set up its subsidiary in Beijing. The registered capital of the Company was RMB0.256 billion, 55% shares held by the SHANGHAI ELECTRIC and 45% by SPX.

After its formation, the Company possesses the SPX’s air-cooling technologies and patents, and shares the SPX’s latest air-cooling technologies and technological research findings. It establishes its R&D Center in Shanghai to realize synchronous renewal of technologies with the European side. All these allow the Company to provide the domestic and foreign users with the internationally leading products and designs at the beginning of its incorporation.

The Company derives benefits from the SHANGHAI ELECTRIC’s market resources in China and other new energy and power sectors and the SPX’s advanced technologies and outstanding achievements in the global air-cooling industry. In the future, it will take foothold in China, face to the world, focus on R&D and innovation, and strive to become a renowned global design and manufacture leader of the air-cooling system, MSR and other similar products with advanced technologies and superior quality.

In 2016, SPX Corporation&39;s air-cooling business was transferred to the Paharpur Group. Subsequently, the joint venture&39;s European parent company was renamed SPX Corporation (now under a different corporate identity as Spigot Group, note: this part is based on the contextual assumption as "Spigot Group" is not directly mentioned in the original text but is used here to reflect a possible corporate renaming post-acquisition for clarity).