Jolywood (Suzhou) Sunwatt Co., Ltd (300393.SZ) said on late Thursday that it will team up with Yingli Green Energy Holding Co., Ltd (YGE.NYSE) and Shanghai Yijin Investment Co., Ltd to buy stock shares of the Shanghai Boxi Electric Co., Ltd (832012.NEEQ) and participate in the directional capital increase.
The three partners will buy the Shanghai Boxi Electric to take it as a platform to carry out business cooperation and capital operation, make overall arrangements in the solar PV market and develop efficient batteries, according the Shenzhen-listed company's filing to the stock exchange. Shanghai Yijin Investment Co., Ltd will buy 1.33 million shares of the Shanghai Boxi Electric for 1.33 million yuan.
After the equity transfer, Jolywood (Suzhou) Sunwatt, Shanghai Yijin Investment, and Yingli Green Energy Holding will jointly subscribe to 110 million shares issued by the Shanghai Boxi Electric via private placement at a price of 1 yuan/share.
Specifically, Jolywood (Suzhou) Sunwatt will subscribe to 64.4 million shares of the Shanghai Boxi Electric.
Meanwhile, the partners will make full use of their resources to transform and upgrade Yingli Green Energy Holding's existing monocrystal solar energy batter production lines to meet market demands for the efficient modules.
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