China Merchants New Energy Group Increases Shareholding in United PV to 19%
Time:2014-06-20

Hong Kong, China, 20 June 2014 - United Photovoltaics Group Limited (“United PV” or the “Company,” stock code: 00686.HK, whose largest shareholder is China Merchants New Energy Group “CMNE”), a leading solar power plant investor and operator in China, today announced that its substantial shareholder, CMNE, and the parties acting in concert exercised their convertible bonds and converted into a total of 282,483,750 shares at HK$1.0 per share, which increased their holding of the Company’s ordinary shares to 830,835,621 shares, representing 19.18% of the issued share capital of the Company as enlarged by the conversion. 

The conversion rate of HK$1.0 per share represented a premium of approximately 14.94% over the closing price of HK$0.87 on 19 June 2014, and a premium of approximately 36.99% over the 90-day average price. 


Mr. Zhenwei LU, Executive Director of CMNE, said: “The increase in shareholding through the conversion of convertible bonds fully demonstrates our optimism toward the investment value, business prospects and performance of the Company. Backed by the promotion of energy reform in China by President Xi Jinping, and the series of favourable government policies being rolled out, we believe United PV will continue its investment in and operation of solar power plants with excellent resources to gain remarkable development. In the future, CMNE will grasp the right opportunities to convert the convertible bonds to further increase its shareholding of United PV.”