Jun 18 2010
Apollo Solar Energy Technology Holdings Limited ("Apollo Solar" or "the Group") (HKEx: 566) announces that on 20 May 2010, Fujian Apollo (an indirect wholly-owned subsidiary of the Group) and Hanergy (unofficial English translation as Hanergy Holding Group Limited) entered into the principal sales contract of providing Hanergy equipment and integrated turnkey solution for the manufacturing of silicon-based thin film solar PV modules, for a total contract sum of US$2.55 billion (equivalent to approximately HK$19.84 billion). An application has been made to the Stock Exchange for resumption of trading in the shares with effect from 9:30 am on 17 June 2010.
Apollo Solar is also pleased to announce that the Group has introduced Hanergy as a strategic investor and one of the major shareholders of the Group. On 20 May 2010, the Group and Hanergy entered into the principal subscription agreement pursuant to which Hanergy has agreed to subscribe, or procure the Hanergy nominee to subscribe, for 4,911,528,960 subscription shares at the subscription price of HK$0.239 per subscription share.
Mr. Peng Li Bin, Executive Director of the Group said, "Hanergy is one of the largest and leading non-state-owned clean energy generation enterprises in China. Having Hanergy to be our strategic investor and one of our major shareholders serves to demonstrate that the technology level and R&D capability of Apollo have been recognized by Hanergy. The mega order will generate large amounts of cash flow to Apollo, thus will highly enhance its R&D resources and increase the capital investment of Apollo's R&D team, strengthening our R&D capability. It can also significantly enlarge the market share of Apollo in the global equipment and integrated turnkey solution for the manufacturing of silicon-based thin film solar PV modules supplier market and further strengthen Apollo's leading position."
Source: http://www.hanergy.com/