According to EnergyTrend, on July 16, Ginlong Technologies released an announcement disclosing the progress of equity transfers of its wholly-owned project subsidiaries involved in the fundraising projects of its convertible corporate bonds.
The announcement stated that the equity transfer and delivery of 7 wholly-owned project subsidiaries included in Ginlong Technologies’ previously disclosed disposal plan have been completed. The total consideration for the equity transfers amounts to RMB 51.727 million, covering PV power stations with a combined installed capacity of approximately 20.86 MW. The specific transactions are as follows:
- Ningbo Ginlong Smart Energy Co., Ltd., a wholly-owned subsidiary of Ginlong Technologies, plans to transfer 100% equity interests in 5 of its wholly-owned project subsidiaries to Xiamen Luosheng New Energy Co., Ltd., with a total equity transfer consideration of RMB 24.9505 million.
- Ginlong Smart Energy and Zhejiang Haisu Information Technology Service Co., Ltd. (a wholly-owned subsidiary of Ginlong Smart Energy) plan to transfer 100% equity interests in 2 wholly-owned project subsidiaries to Hangzhou Baobi Hengfang New Energy Technology Co., Ltd., with a total equity transfer consideration of RMB 26.7765 million.
As of the disclosure date of this announcement, Ginlong Smart Energy, Xuancheng Jinlang New Energy Technology Co., Ltd., Quzhou Jinqing New Energy Co., Ltd., Sanmen Kaiyang PV Power Generation Co., Ltd., Anji Jinneng New Energy Development Co., Ltd., and Fujian Ningde Jinning New Energy Technology Co., Ltd. have formally signed Equity Transfer Agreements with Xiamen Luosheng, receiving a total first-phase equity transfer payment of RMB 2.495 million.
Meanwhile, Ginlong Smart Energy, Zhejiang Haisu, Ningbo Huahao New Energy Co., Ltd. and Xiangshan Jinxiang New Energy Co., Ltd. have formally signed Equity Transfer Agreements with Hangzhou Baobi Hengfang, receiving a total first-phase equity transfer payment of RMB 2.6776 million.
All the 7 aforementioned wholly-owned project subsidiaries have completed industrial and commercial registration for equity changes and will no longer be included in the company’s consolidated financial statements.
Previously, on July 10, Ginlong Technologies issued an announcement regarding the disposal of fundraising project assets, proposing to transfer the equity interests and supporting PV equipment of 135 wholly-owned project subsidiaries. The involved PV power stations have a combined installed capacity of about 482.72 MW, with a total transaction consideration of RMB 2.482 billion for both equity and equipment assets.
Source：EnergyTrend
