The planned disposal in excess of a 3rd for the Chinese solar company’s task portfolio would take a substantial amount away from its financial obligation hill but trading in business stock had been halted today, pending an statement with regards to the task purchase. Shunfeng sold down German PV project business that is monitoring to another procedure owned by its main shareholder at the conclusion of just last year.
Shunfeng is amongst the Chinese developers that are solar all over cash to try to keep carefully the wolf through the home.
Chinese solar company Shunfeng Overseas Clean Energy announced a halt in trading in its stocks this early early morning, pending an announcement associated with a fire sale of around 540 MW of its solar task capability.
The business has already established a busy time from it since our last change in-may year that is last the degree of their financial obligation hill had been revealed with its full-year numbers for 2018.
Ever since then, a proposed sale of their Jiangsu Shunfeng Photovoltaic tech Co Ltd to a company owned by Shunfeng shareholder that is major Kin Ming has helped relieve some issues in addition to company now is designed to downer down 11 of their Chinese solar task organizations to make benefits well well worth another RMB1.63 billion (US$232 million).
Wuxi Suntech and meteocontrol
The purchase of Jiangsu Shunfeng towards the Asia Pacific Resources Development Investment Ltd company owned by Chen Kin Ming in raised an immediate RMB200 million to pay off RMB24.7 million debts owed by Shunfeng to Shanghai Dazong Financial Leasing Co Ltd, COSCO Shipping Leasing Co Ltd and Cinda Financial Leasing Co Ltd and also paid other debt interest of RMB110 million as well as settling payables worth around china love cupid login RMB65.7 million december.
The Jiangsu Shunfeng purchase – which included the transfer of German solar project monitoring business meteocontrol GmbH and PV plant administration unit Solarstrom AG plus the Wuxi Suntech brand name to Asia Pacific Resources – also saw the customer take on responsibility of HK$1.2 billion (US$154 million) of this HK$2.5 billion owed by Shunfeng to Sino Alliance and saw the Peace Link company additionally owned by Cheng Kin Ming surrender liberties to HK$1.95 billion owed it by Shunfeng under a convertible relationship issuance. The offer additionally saw Asia Pacific hand over RMB1.75 billion Shunfeng owed towards the subsidiary it had been selling so the cash could be passed on then to Jiangsu Shunfeng.
The business had signed over its 59% stake in its Lattice Power Group LED electronic components business to the Hong Kong branch of lender China Minsheng Banking Corp Ltd by the time Hong Kong-listed Shunfeng announced plans to raffle off more than a third of its 1,496 MW of solar project capacity in China to a largely Chinese state-owned buyer in November. The bank in August agreed to accept the Lattice holding, a HK$60 million down payment and then the highest of either HK$270 million or 20% of the funds raised by a projected sale of 300 MW of project capacity last year plus HK$300 million by July 15 this year and the balance of the HK$980 million by December 18 under the terms of that HK$980 million debt reorganization.
Loans from banks
In the exact same time, Sino Alliance consented the HK$1.3 billion it absolutely was owed split through the Jiangsu Shunfeng deal could be settled with HK$500 million or half the profits regarding the mooted 300 MW task purchase a year ago and the balance by the end for this 12 months.
Pv mag is not in a position to establish whether any 300 MW task purchase occurred year that is last whether Shunfeng alternatively discovered another method to meet the 2 loan providers.
On November 26, the 69.5% state-owned Asia nationwide Nuclear Corporation consented to spend RMB641 million for 11 Chinese Shunfeng task businesses plus RMB788 million in payables owed by the tasks to Shunfeng and RMB197 million in task dividends for the vendor. Those product sales, authorized by separate Shunfeng shareholders, are due to improve RMB1.4 billion for financial obligation repayments and RMB226 million for functional costs.
Provided halt that is today’s trading doesn’t relate solely to a hiccup when you look at the task purchase, that will leave Shunfeng just RMB430 million and HK$1.57 billion in short supply of settling the short-term debts it stated in November so it owed by the conclusion of this past year.