* ST Haiyuan plans to acquire 100% stake in Seville Power to enter the field of photovoltaic modules

Published: Sep 7, 2020 08:56

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[* ST Haiyuan plans to acquire 100% stake in Saiwei Power supply to enter the field of photovoltaic modules] on September 4, * ST Haiyuan announced that according to the strategic needs of the company's future development, the company intends to acquire 100% equity in Xinyu Saiwei Power Technology Co., Ltd. ("Saiwei Power"), a wholly-owned subsidiary of Jiangxi Jiawei Enterprise Management Co., Ltd. ("Jiangxi Jiawei"), which corresponds to the subscribed capital contribution of RMB 50 million. The paid-in capital contribution is RMB 0).

SMM: September 4, * ST Haiyuan announced that according to the company's future development strategy needs, the company intends to acquire the controlling shareholder Jiangxi Jiawei Enterprise Management Co., Ltd. ("Jiangxi Jiawei") wholly-owned subsidiary Xinyu Saiwei Power Technology Co., Ltd. ("Saiwei Power") 100% equity (corresponding to the subscribed contribution of RMB 50 million, the actual contribution of RMB 0).

Saiwei Power has advanced photovoltaic module R & D and production technology, the company is optimistic about the long-term development prospects of the photovoltaic industry, and intends to introduce photovoltaic module business.

Through the acquisition of 100% equity in Seville Power, the company will establish a core technology and management team in photovoltaic modules and enter the field of photovoltaic modules, which will help to optimize the main business structure of listed companies and broaden the main business income of listed companies. enhance the company's overall competitiveness and future profitability, promote the company's long-term development, in line with the development strategy of listed companies.

At the same time, in order to avoid peer competition with listed companies, Jiangxi Jiawei, the company's controlling shareholder, and Mr. Gan Shengquan, the actual controller of the company, promised that other enterprises controlled by Jiangxi Jiawei and Mr. Gan Shengquan will not engage in business that substantially competes with the existing business of Saiwei Power supply.

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