State-owned manufacturer Luoyang Glass on Thursday reported first-quarter net profits of RMB136 million (US$21 million), up from just RMB187,000 (US$28,900) in a Covid-hit first three months of last year. Shareholders of Luoyang, which is ultimately controlled by China National Building Materials Group, will vote on whether to approve the RMB182 million acquisition of a 60% stake in glass maker North Glass from the Triumph Group which is Luoyang’s controlling shareholder.
TBEA-owned polysilicon maker and renewables developer Xinte Energy hopes to raise up to RMB2 billion (US$309 million) towards the cost of a poly fab it intends to start constructing before July and which could double its annual poly production capacity. Independent shareholders will vote on whether to approve the issuance of up to 177 million shares – almost 13% of the enlarged company’s stock – with electrical equipment company parent TBEA to sign up for 167 million and trading and leasing business Jinglong technology the balance. Xinte expects the new, 100,000-ton-capacity poly fab to take 18 months to build and will devote any excess proceeds from the fundraising exercise to solar project development by its TBEA Xinjiang New Energy business and wind projects instituted by Mongolia Xinte.
TBEA Xinjiang New Energy, meanwhile, has announced the settlement of a dispute over a 99 MW wind farm that has rumbled since last May, when Huaxia Financial Leasing sued it for RMB600 million (US$92.7 million) over delays to the facility. TBEA Xinjiang blamed developer Xuyi High Drive Wind Power and, in June sued it for its own costs of RMB130 million plus any costs incurred by the Huaxia suit. In December, TBEA Xinjiang bought Huaxia’s creditors’ rights in the suit for RMB600 million and, on Thursday, the Xinte Energy company stated it has settled the case after Xuyi High Drive agreed to pay it almost RMB899 million (US$139 million).
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