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Influenced by the domestic and foreign economic environment, DEREN encountered unprecedented difficulties in 2019. Fortunately, you have fought side by side with me to overcome the frustrations and challenges of 2019. It is precisely because of your trust, hard work and perseverance that DEREN has crossed the most difficult moment and ushered in the phased success.
At present, the Chongqing Factory of Meta has realized mass delivery of PHEV and e-CMP platform models to BMW, Dongfeng and PSA. At the same time, on-board chargers of Porsche Taycan and BMW Mini Cooper have also entered the mass production stage. Up to now, Meta has made profits for five consecutive months and successfully turned losses into profits throughout the year.
The systematic layout and stable development of DEREN have received the attention of Shenzhen SASAC. On September 29, Shenzhen Investment Holding Zhongzheng Xinying Equity Investment Fund Partnership became a strategic investor of the Company through agreement transfer. Meta's rapid development in the field of on-board charging for new energy vehicles has also won the recognition of Yibin Gangrong Group, with an investment of more than 100 million euros, becoming an important strategic partner of Meta. Meanwhile, many financial institutions have also provided strong financial support for the operation and development of DEREN.
At the end of 2019, DEREN successfully passed through the most difficult period. The cash flow of the enterprise has rebounded rapidly and the pledge rate of shareholders has dropped significantly. At the same time, we have actively integrated the company's assets, optimized the ownership structure, concentrated resources to ensure the steady upward development of major industries, and strengthened the internal management of various divisions, all of which have achieved good results. DEREN is striding towards the track of healthy development.
In the coming new year, the domestic and foreign economic situation is still grim, and DEREN will face new challenges. We should clearly recognize the difficulties that we may encounter in the future, make full preparations, strengthen our belief, unite our efforts and forge ahead. And I believe we will eventually overcome new challenges again.
Looking back in the past, DEREN has developed vigorously due to your efforts; Looking at the present, DEREN turned the tide due to your persistence; Looking forward to the future, DEREN will surely create another glory due to your hard work.
As 2019 draws to a close, what I want to say most is the word "thank you". I would like to thank Shenzhen Municipal Party Committee and Municipal Government, Municipal State-owned Assets Supervision and Administration Commission, Municipal/District Federation of Industry and Commerce, and various financial institutions for their recognition and support to DEREN. I would also like to thank every DEREN employee who works steadfastly in his post, especially the Meta Project Team, Investment and Financing Team, and relevant divisions with excellent performance that have made great contributions to the Company.
As 2020 approaches, what I want to say most is the word "expectation". The world is vast and I hope we can continue to go forward hand in hand in the new year!
Finally, wish everyone a happy New Year!
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