GCL-Poly takes control of circuit board maker


China Merchants New Energy has told pv magazine it was not involved in any merger with polysilicon and wafer maker GCL-Poly, as reported by pv-magazine.com on Monday.

pv magazine is happy to confirm Chinese printed circuit board maker Same Time Holdings, in a busy announcement to the Hong Kong Stock Exchange last Friday, announced it had rebranded itself GCL New Energy Holdings Ltd after GCL-Poly took a 67.99% stake in the company.

With the stock market statement also revealing details of a placing of 50 million new shares to raise HK$195 million (US$25 million) for the new company, the reconstituted board – which has been overhauled, presumably, to bring in GCL-Poly faces – stated it would seek to ‘leverage on the experience and expertise of the subscriber to expand into the renewable energy sector, which will include developing, acquiring or investing into … solar plants, solar projects, solar energy assets or through other similar opportunities.'

GCL told pv magazine in January of its ambition to realize a 1 GW expansion of its project portfolio this year and made its move to take control of Same Time after the circuit board maker raised fears over its future because of minimum wage legislation in China.

As part of a significant overhaul of directors, Same Time chairman Mr Yip has resigned, along with his brother Mr Yip How Yin, Maurice, who has stepped down as CEO.

Tang Cheng has been appointed to replace Mr Yip as chairman and Ip Mei Ho has replaced Shiu Man Ching as company secretary.

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.

Popular content

Germany’s balcony PV installations hit 200 MW in H1

19 July 2024 Germany's Federal Network Agency (Bundesnetzagentur) says 220,000 balcony PV systems were installed in the country in the first half of the year, reac...


Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.