The Chinese solar investor and developer has revealed plans to issue 700,000,000 shares to Driven Innovation at HK$0.95 per share, representing about 9.39% of its existing issued share capital. It expects net proceeds to reach HK$664.5 million ($85.4 million).The subscription price represents a discount of roughly 20.83% to the stock's closing price of HK$1.20 per share on April 19, according to a statement to the Hong Kong stock exchange. The subscription agreement will be terminated if the conditions of the transaction are not met by June 15.
Driven Innovation is an indirect, non-wholly owned subsidiary of Beijing-based financial services provider China Huarong, one of the biggest shareholders of United Photovoltaics. The new subscription expands the group's issued shares from 7,452,032,287 to 8,152,032,287, reducing the stake of its largest shareholder - China Merchants New Energy (CMNE) - by 2.3% to 24.52%. China Merchants Group indirectly holds a 79.36% stake in CMNE.
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