Xinhua Water Resources & Hydroelectric Investment Corporation entered into an agreement to acquire 80% stake in Five subsidiaries of Clenergy Technology Co., Ltd. for CNY 91.4 million.
December 04, 2019
Share
Xinhua Water Resources & Hydroelectric Investment Corporation entered into an agreement to acquire 80% stake in Five subsidiaries of Clenergy (Xiamen) Technology Co., Ltd. (SHSE:603628) for CNY 91.4 million on December 5, 2019. Under the terms, all five entities reported total assets of CNY 211.8 million, net assets of CNY 136.4 million, net assets of CNY 136 million, revenue of CNY 68.6 million, operating profit of CNY 19.1 million and net profit of CNY 19.1 million. The transaction is subject to approval from the shareholders of Clenergy. The transaction has been approved by the Board of Clenergy.
Clenergy Technology Co Ltd, formerly Clenergy Xiamen Technology Co Ltd, is a China-based company mainly engaged in the research and development, design, production and sales of smart photovoltaic trackers and other photovoltaic brackets. The Company is also engaged in the development, construction and operation of photovoltaic power plants, and the research and development, production and sales of photovoltaic power electronic products. The Company's independent brand products include photovoltaic smart trackers, fixed ground photovoltaic support systems, adjustable supports, carport supports, distributed roof photovoltaic support systems and other series, as well as the auxiliary products such as photovoltaic power station supporting bridges and combiner boxes.
Xinhua Water Resources & Hydroelectric Investment Corporation entered into an agreement to acquire 80% stake in Five subsidiaries of Clenergy Technology Co., Ltd. for CNY 91.4 million.
CLENERGY TECHNOLOGY CO., LTD. 
