Inner Mongolia Zhonghuan GCL Solar Material Co., Ltd. announced that it expects to receive CNY 2.4 billion in funding from Suzhou GCL Technology Development Co., Ltd., Tianjin Zhonghuan Semiconductor Co., Ltd., Hohhot Leading Investment Fund (Limited Partnership), Hohhot City Castle Town Phase II Industrial Development Fund Investment Center (Limited Partnership)
May 29, 2019
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Inner Mongolia Zhonghuan GCL Solar Material Co., Ltd. announced that it will receive CNY 2,400 million in an equity round of funding on May 30, 2019. The transaction will include participation from returning investors Tianjin Zhonghuan Semiconductor Co., Ltd. (SZSE:002129) for CNY 800 million, Suzhou GCL Technology Development Co., Ltd. for CNY 800 million, new investors Hohhot Leading Investment Fund (Limited Partnership) for CNY 500 million, and Hohhot City Castle Town Phase II Industrial Development Fund Investment Center (Limited Partnership) for CNY 300 million. Out of the proceeds, CNY 1,843,292,772.19 will go into registered capital and CNY 556,707,227.81 will go into capital reserve. Post the closing of the transaction, the registered capital of the company will increase from CNY 3,000 million to CNY 4,843.292800 million. Post the transaction, Tianjin Zhonghuan Semiconductor Co., Ltd. (SZSE:002129) stake will increase from 15% to 21.98%, Inner Mongolia Zhonghuan Solar Material Co., Ltd. stake will dilute from 55% to 34.07%, Suzhou GCL Technology Development Co., Ltd. will increase from 30% to 31.27%, Hohhot Leading Investment Fund (Limited Partnership) will hold 7.93% stake, and Hohhot City Castle Town Phase II Industrial Development Fund Investment Center (Limited Partnership) will hold 4.76% stake. The transaction is expected to close on or before July 30, 2019. The transaction has been approved in the 24th meeting of the 5th directorate.
Tianjin Zhonghuan Semiconductor Co., Ltd. (TJSEMI) specializes in the manufacturing and marketing of integrated semiconductor devices for solar energy saving industry. Net sales break down by activity as follows:
- manufacturing of semiconductor materials used in the renewable energy industry (91.1%): monocrystalline silicon wafers, photovoltaic cells, solar modules, etc. used in photovoltaic power generation facilities, new energy electric vehicles, wind inverters and smart transmission networks;
- manufacturing of semiconductors for the consumer electronics industry (8%);
- services (0.1%);
-other (0.8%).
China accounts for 75.3% of net sales.
Inner Mongolia Zhonghuan GCL Solar Material Co., Ltd. announced that it expects to receive CNY 2.4 billion in funding from Suzhou GCL Technology Development Co., Ltd., Tianjin Zhonghuan Semiconductor Co., Ltd., Hohhot Leading Investment Fund (Limited Partnership), Hohhot City Castle Town Phase II Industrial Development Fund Investment Center (Limited Partnership)