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Hareon Solar Technology Co Ltd and Subsidiaries to Transfer Equity Shares of Subsidiaries; Signs Business Contract with Jiangxi-based Investment Company


Thursday, 4 Jul 2013 08:00pm EDT 

Hareon Solar Technology Co Ltd announced that it has decided to transfer a 95% stake in a Jiuquan-based photovoltaic power generation company to Jiangxi-based investment company (Company A), for RMB 950,000, as well as a 90% stake in another photovoltaic power generation company to Company A for RMB 900,000. The Company's wholly owned subsidiary, a Xinjiang-based electrical power investment company, will transfer a 95% stake in a Jinghe-based photovoltaic power generation company to Company A, for RMB 950,000, as well as a 95% stake in a Tulufan-based photovoltaic power generation company to Company A for RMB 950,000. The Company's wholly owned subsidiary, a Hefei-based technology company, will transfer a 95% stake in a Keping-based photovoltaic power generation company to Company A for RMB 4,750,000, as well as a 95% stake in a Yuepuhu-based photovoltaic power generation company to Company A for RMB 950,000. The equity shares transition contracts were signed on July 4, 2013. After the transactions, the Company and its subsidiaries will hold 5% stakes in the target companies. The Company has signed business contract with Company A, to undertake the photovoltaic power station construction project, for RMB 4.19 billion, on July 4, 2013.