The collapse in business for the solar EPC provider after last year’s 5/31 policy announcement by Beijing has left the company’s future depending on the progress of a Chinese state bail-out. Provided that is, the business does not end up being wound up by Deutsche Bank first.
The High Court has approved plans for the Chinese state-owned power company to reassume control of its Hong Kong-listed solar project development business.
Holders of almost two-thirds of the miner’s Hong Kong listed stock voted down a proposal to issue new non-Chinese shares that would dilute their investment by around a quarter. The board had proposed the move to raise funds for further lithium extraction overseas.
With Singyes having already announced a plan to receive a cash injection and restructure its debt, fellow Hong Kong listed solar developer Panda Green today announced plans for a Beijing coal power company to ride to its rescue.
The scandal-hit Hong Kong-based solar manufacturer has had trading in its shares suspended for six years but white knight investor Cheung Shun Lee is hoping to get it back into operation.
The business will come under the control of its Chinese state-owned parent power company after a shareholder vote agreed the move earlier this month.
The project developer and BIPV maker wants creditors to agree to postpone settlement of their debts for three years and will offer a financial incentive – provided a proposed Chinese state-backed bailout is voted through by its shareholders.
The Hong Kong listed developer is set to bank just south of $1.75 million from a Chinese state-backed partial stake sale in two PV projects, but will have to cut an awful lot more deals of that scale to keep creditors at bay.
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