Chinese players continue rearguard action


Two big Chinese solar players continued their rearguard action against plummeting Chinese share prices today (Friday).

The Hong Kong-listed United PV moved to authorize its directors to issue up to a fifth of the company's shares at a special meeting in the city today and Shanghai-based GCL Poly successfully deferred $200 million of convertible bonds, due in 2018, by 12 months.

Holders of stock in United PV, which saw its state-owned major shareholder China Merchants New Energy Group expand its stake by buying 12.4 million extra shares earlier this month, voted today to permit the board to step up any fundraising share issues needed to ride out the storm, with almost 97 per cent of shareholders passing the motion.

China Merchants, a subsidiary of state-owned China Merchants Group, pumped around $710,000 into the company to acquire 6,306,000 shares on July 9 and then acquired a further 6,100,000 shares 24 hours later, announcing it would consider further purchases as opportunities arose.

Poly manufacturer and developer GCL Poly, also registered on the Hong Kong exchange, announced holders of its $200 million 2018 convertible notes had agreed to roll over their options into its recently-completed $225 million issue, due to mature in 2019.

Elsewhere on the exchange, shareholders of the Hong Kong-based Jun Yang Solar Power Investments Ltd agreed to change the name of the company to Jun Yang Financial Holdings Ltd.

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