On November 21, Tianlong Optoelectronics (300029) announced in the evening that the company plans to entrust the use of Shanghai Chaori Solar Energy Co., Ltd. and Shanghai Chaori (Jiujiang) Solar Energy Co., Ltd. and some of its production equipment to Hengneng Optoelectronics for solar cell production. Business activities, including but not limited to procurement, production, research and development, sales, capital and other activities, the ownership of the products produced during the cooperation are owned by Hengneng Optoelectronics. Hengneng Optoelectronics paid a management fee of RMB 36 million/year to the company and a total of RMB 72 million for two years.
Hengneng Optoelectronics Co., Ltd. is a wholly-owned subsidiary of Hengneng Investment (Hong Kong) Co., Ltd., and is a legal representative of Hengneng Optoelectronics and Hengneng Investment (Hong Kong) Co., Ltd. Feng Jinsheng, chairman of Tianlong Optoelectronics, and Feng Wei and his son, the transaction constitutes a connected transaction.
Tianlong Optoelectronics said that the company does not have any experience in operating solar cells. Considering that Hengneng Optoelectronics has experience in battery production and operation, team and sales channels, the company transferred the cooperative production and operation rights to Hengneng Optoelectronics, saving manpower. And material expenditure, on the other hand, eliminates the risk of losing money due to poor production and operation, and will not harm the interests of listed companies.
The company hinted that due to force majeure factors such as major asset restructuring or debt restructuring in Shanghai Chaori, the transaction was terminated during the performance period, resulting in the inability of the agreement to be fully fulfilled.
Hengneng Optoelectronics Co., Ltd. is a wholly-owned subsidiary of Hengneng Investment (Hong Kong) Co., Ltd., and is a legal representative of Hengneng Optoelectronics and Hengneng Investment (Hong Kong) Co., Ltd. Feng Jinsheng, chairman of Tianlong Optoelectronics, and Feng Wei and his son, the transaction constitutes a connected transaction.
Tianlong Optoelectronics said that the company does not have any experience in operating solar cells. Considering that Hengneng Optoelectronics has experience in battery production and operation, team and sales channels, the company transferred the cooperative production and operation rights to Hengneng Optoelectronics, saving manpower. And material expenditure, on the other hand, eliminates the risk of losing money due to poor production and operation, and will not harm the interests of listed companies.
The company hinted that due to force majeure factors such as major asset restructuring or debt restructuring in Shanghai Chaori, the transaction was terminated during the performance period, resulting in the inability of the agreement to be fully fulfilled.
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