[SMM PV] 5.06 Billion Yuan! Major Move by a PV Leader

On the evening of June 22, Tongwei Co., Ltd. announced that, to support the sustained high-quality development of its wholly-owned subsidiary Tongwei Solar, optimize the asset-liability structure, strengthen capital strength and risk resilience, and enhance asset operation efficiency and overall competitiveness, the company planned to increase capital in Tongwei Solar by 5.06 billion yuan, with the additional amount to be recorded as capital reserve of Tongwei Solar.

According to the disclosure, this capital increase is a cash contribution, with the source of funds being self-owned funds and no raised funds involved. After this capital increase, Tongwei Solar remains a wholly-owned subsidiary of the company.