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Hong Kong Stock Watchdog Nods Hanergy’s Privatization Plan

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Release Time:2019-02-26

The world's largest thin-film solar power solution company, Hanergy Thin Film Power Group and its parent company, Hanergy Mobile Energy Holding Group issued a joint statement on Tuesday (Feb.26) announcing that the listed company’s privatization plan has been approved by Hong Kong Securities and Futures Commission (SFC), Hong Kong’s stock market watchdog. As per the proposed plan, the shareholders of Hanergy Thin Film Power Group will be granted shares of a new company which could be listed in mainland China.

 

Hanergy Thin Film Power Group has been suspended from trading since May 20, 2015. The approved privatization plan provides for an option to old shareholders to trade their stocks for shares of a new company, according to the announcement.

As per the statement, after privatization, the businesses under the listed company will be transferred to a new company which is deemed to be listed in board A in mainland China. Besides, the old shareholders would have the opportunity to trade their stocks in mainland China once the new company is listed and accrue cash profit.

Hanergy Mobile Energy Holding Group, the parent company says its board made the decision of privatization after a thorough analysis on the market environment and policy changes, and believes the privatization plan matches the company’s long-term strategy for resources integration and future business mapping.

Hanergy Mobile Energy Holding Group trusts the privatization plan is aligned with China’s energy, high-end equipment manufacturing and new energy vehicle development strategies. Hanergy also has full confidence on China’s economy and capital market.

 

Hanergy believes it’s the right time to privatize and make a comeback to mainland market. Chinese government last November proposed to set up Science and Technology Innovation Board (STIB), a Nasdaq-style board in Shanghai, China’s economic center. STIB will support national strategic industries like high-end equipment manufacturing, new energy, and new materials.

 

According to Hanergy, its thin-film solar power industry is one of the national key strategic industries, and meets all the requirements for the STIB.

Since 2015 China’s State Council and various central governmental bodies have issued 35 documents, listing solar power and its technologies into the national key industry and technology directory. 

Six Chinese central governmental bodies including China’s Ministry of Industry and Information Technology, National Energy Administration and others issued the Smart PV Industry Development Action plan (2018-2020) in April 2018, stating the urgency of improving the smart manufacturing on solar power industry and encouraging the application of solar power in specialized industries, making China’s PV industry enter the high-and middle levels in global value chain.

 

Hanergy relishes more than 10,100 global patent applications, and in 2018 the group company applied more than 30 patents on daily average. Its major technology routes have maintained or broken 6 chip efficiency records.

 

Including SHJ technology, Hanergy has five technical roadmaps with high conversion rate in the field of thin film solar energy. The conversion rate of glass-based large-area Copper Indium Gallium Selenide (CIGS) thin film modules manufactured by Solibro, Hanergy’s subsidiary, reached 18.72%, likewise the conversion rate of flexible CIGS modules manufactured with the sputtering method by MiaSolé, another Hanergy’s subsidiary, reached 19.4%. Both are the highest in the world.

 

Hanergy’s Gallium Arsenide (GaAs) technology set the world record for conversion efficiency several times, with the newest one being 29.1%. It launched and upgraded handful of consumer products in 2018, including HanTile, solar-powered rooftop solution; HanWall, solar wall solution for skyscrapers; Humbrella, solar-powered umbrella; SolarTank, solar backpack; HanPower, solar power bank, retaining its leading position in mobile energy sector.


HERE IS THE ANNOUNCEMENT (CLICK HERE TO READ)

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