Zhejiang Sunoren Solar Technology Co.,Ltd. cancelled the acquisition of Taizhou Zhirui New Energy Co., Ltd. and Sanmen Zhirui New Energy Co., Ltd. from Haining Switch Factory Co., Ltd.
April 15, 2020
Share
Zhejiang Sunoren Solar Technology Co.,Ltd. (SHSE:603105) agreed to acquire Taizhou Zhirui New Energy Co., Ltd. and Sanmen Zhirui New Energy Co., Ltd. from Haining Switch Factory Co., Ltd. for CNY 47 million on April 16, 2019. First installment for 50% of the consideration will be paid within 3 days since signing of the respective agreement and the remaining 50% will be paid within 3 days after 90 days have passed since completion of delivery of underlying equity. For year ended December 31, 2018, Taizhou Zhirui New Energy Co., Ltd. had net profit of CNY 2.01 million and revenue of CNY 4.12 million while Sanmen Zhirui New Energy Co., Ltd. had net profit of CNY 5.55 million and revenue of CNY 14.02 million. As of December 31, 2018, Taizhou Zhirui New Energy Co., Ltd. had total assets of CNY 26.15 million and net assets of CNY 9.01 million while Sanmen Zhirui New Energy Co., Ltd. had total assets of CNY 105.69 million and net assets of CNY 35.55 million. The transaction does not require approval of shareholders of Zhejiang Sunoren Solar Technology. The transaction has been approved by the 11th meeting of the 3rd directorate of Zhejiang Sunoren Solar Technology.
Zhejiang Sunoren Solar Technology Co.,Ltd. (SHSE:603105) cancelled the acquisition of Taizhou Zhirui New Energy Co., Ltd. and Sanmen Zhirui New Energy Co., Ltd. from Haining Switch Factory Co., Ltd. on April 16, 2020.
Zhejiang Sunoren Solar Technology Co., Ltd., formerly Zhejiang Solar Photovoltaic Technology Co., Ltd., is a China-based provider of clean energy services with the focus on distributed photovoltaic power. The Company operates its businesses through three segments. The Distributed Photovoltaic Solution segment is mainly engaged in the development of distributed photovoltaic technologies, as well as the provision of related services. The Self-supporting Distributed Photovoltaic Power Station segment is mainly engaged in the construction and operation of distributed photovoltaic power stations. The Photovoltaic Product segment is mainly engaged in the research, development, manufacture and sales of polysilicon wafers.
Zhejiang Sunoren Solar Technology Co.,Ltd. cancelled the acquisition of Taizhou Zhirui New Energy Co., Ltd. and Sanmen Zhirui New Energy Co., Ltd. from Haining Switch Factory Co., Ltd.