HONG KONG, Jan. 26, 2015 /PRNewswire/ -- United Photovoltaics Group Limited ("United PV" or the "Company", stock code: 00686.HK, whose largest shareholder is China Merchants New Energy Group "CMNE"), a leading solar power plant investor and operator in China, is pleased to announce today that, the Company entered into a formal subscription agreement with China Merchants Fund Management Co. Ltd ("CM Fund") under China Merchants Bank Co. Ltd ("CMB"), at the headquarter of China Merchants Capital Management Co., Ltd ("CM Capital") in Shenzhen on 23 Jan 2015, to issue convertible bonds in the principal amount of up to RMB420 million, which comes from the "CM Fund: New Energy Special-purpose Asset Management Plan I" established by CM Fund. Mr. Alan LI, Chief Executive Officer of United PV and Mr. ZHAO Shengzhang, Chief Executive Officer of China Merchants Wealth Asset Management Co., Limited ("CM Wealth") signed on behalf of their respective companies. Meanwhile, the Company entered into "Equity Transfer Agreement" and "Future Acquisition Arrangement Agreement" with Shenzhen China Merchants Yinke Investment Management Limited and China Merchants Zhangzhou Development Zone Trenda Solar Limited to jointly acquire an 80MW solar power plant in Xinjiang. The signing ceremony was attended and endorsed by leaders including, Mr. LI Yinquan, Deputy General Manager of China Merchants Group ("CMG") and Chief Executive of CM Capital, Mr. DING Wei, Executive Vice President of CMB, Mr. WANG Jianzhong, Chief Executive Officer of Corporate Banking Group of CMB (Head Office), Mr. ZHOU Song, President of Interbank Finance Department of CMB (Head Office), Mr. LU Zhenwei, Managing Director of United PV and Executive Director of CM Capital, Mr. LEI Caihua, General Manager of Strategic Clients Department of CMB (Head Office), Mr. CUI Jiakun, Deputy Branch General Manager of CMB Shanghai Branch, Mr. DU Yi, Deputy General Manager of the Second Strategic Clients Department of CMB (Head Office), Mr. SHEN Li, General Manager of Corporate Banking Department of CMB Shanghai Branch, Mr. ZHANG Jun, Executive Director of Equity Investment Department of CM Wealth, Mr. LI Hong, Chief Financial Officer of United PV and Mr. JIANG Wei, Chief Legal Officer of United PV. Mr. YANG Huaijin, Chairman of Hareon Solar Technology Co., Ltd attended and endorsed the ceremony as a guest.
Mr. DING Wei, Executive Vice President of CMB said: "Over the past few years and especially in 2014, CMB had entered into the capital market. In the future, we will apply the investment banking mindset to the operation of CMB, and cooperate with first tier enterprises. Accessing the capital market is a new initiative coping with the macroeconomic environmental changes such as interest rate liberalization. Our cooperation with United PV is of extraordinary significance; this achieved organic combination of three forms of businesses including cross-border business, acquisitions and investment banking. We have confidence in the future of solar power industry, and are determined to succeed. To the nation and CMB, we seek for a greater access to the huge market, and this also serves the corporate social responsibility of CMB to fight against the heavy haze and to improve the environment."
Mr. LI Yinquan, Deputy General Manager of CMG and Chief Executive of CM Capital, said: "We would like to express our appreciation for CMB's support. At the macroeconomic level, new energy is an important component in the national and global economy. As a major energy consuming country, China's energy consumption structure is unsound; hence the government now values the new energy development as a crucial component of national strategic development. Over the past few years, United PV's management teams did a great job in developing its scale, profitability, brand and influence, the Company became more influential in China market. With policy supports and protection, we strategically estimate that the industry will have a bright future in both national and global markets. Therefore, based on the investment structure and management team of CM Wealth, CM Fund, CMNE and United PV, the entire industry and the Company will become successful. At present, many enterprises under CMG including CMB and China Merchants Securities, and some industrial enterprises including China Merchants Property Development and China Merchants Logistics have given staunch supports in cooperating and coordinating with CMNE."
United PV bears the mission to promote green energy to the households. The Company now joins hands with CMB to boost the development of low carbon economy by implementing innovative financial and investment instruments, serving as a milestone in the development of new energy in China. As the golden sunflower always tracks the sun, developing solar power will be a new interpretation of the golden sunflower trademark of CMB and enrich the content of golden sunflower wealth management with the innovative concept of green investment. It is believed that the combination of financial innovations and real economy will achieve the perfect marriage of economic benefits and corporate social responsibility and contribute to the realization of "APEC blue" proposed by President XI Jinping.
About United Photovoltaics Group Limited (stock code: 00686.HK)
United Photovoltaics Group Limited, whose largest shareholder is China Merchants New Energy Group, is a leading photovoltaic power plant investor and operator in China. The Company has actively carried out a series of mergers and acquisitions by leveraging strong connections with SOEs and leading conglomerates to consolidate resources in the solar power industry. The Company is committed to becoming China's most efficient and professional operational platform for photovoltaic power plants as well as to establishing a healthy photovoltaic green ecosystem. For more information about United Photovoltaics Group Limited, please visit: http://www.unitedpvgroup.com.
