HONG KONG, Dec. 15, 2014 /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, announces that the Company is informed by its largest shareholder, CMNE, that Snow Hill Developments Limited ("Snow Hill"), an indirect wholly-owned subsidiary of China Merchants Group ("CMG"), entered into a series of agreements with CMNE and its other shareholders, Magicgrand Group Limited and Paring Venture Limited today. By purchasing shares from CMNE's managements and subscribing new shares of CMNE, Snow Hill will significantly increase its equity interest in CMNE from 53.56% to 79.36%. Snow Hill is a wholly-owned investment company of China Merchants Technology Holdings Co., Ltd ("CM Tech"), which is discretionarily managed by China Merchants Capital ("CM Capital"). CM Capital is a wholly-owned subsidiary of CMG.
The increase of shareholding marks CMG's recognition in CMNE's position as a professional platform for developing the CMG's new energy business and United PV's position as a capital platform located in Hong Kong and rooted in mainland China. Looking forward, upholding CMG's strategy of "Combination of Industry and Finance and Cross-sector Synergy" and leveraging on the advantages in financial resources of CMG including CM Capital, China Merchants Bank and etc, and extensive asset management experience of CMG over the last centuries, United PV will fulfill the "combination of industry and finance" strategy by financial innovation and effective asset management and increase the value of solar power assets in order to establish a ten-billion-worth new energy business for CMG and bring new momentum to CMG's another round of state-owned enterprise reform.
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.
