Comtec Solar

The unfolding effects of the Covid-19 crisis, and fears of a possible second wave, have split analysts trying to guess how the unsubsidized renewables market will emerge as slumping demand continued to distort power markets. pv magazine rounds up the week’s coronavirus developments.

The Chinese solar manufacturer has finally addressed lingering uncertainty about its future with the release of the audited version of its 2019 financial results.

Sun Da has moved to become the lithium energy storage and electric vehicle battery company’s second largest investor, raising HK$10.3 million for the business in the process.

The heavily-indebted Chinese BIPV manufacturer has warned the petition issued by the German lender to recover a disputed $6.27 million debt could threaten the survival of the business as it would halt a planned bail-out by Beijing.

Two subscribers who signed up to a 20% discounted shares subscription in mid June ended up yesterday paying almost the same percentage as a premium on the trading price of the stock.

The German lender has issued a winding up petition over a $6.27 million debt and could scupper the manufacturer’s plans to restructure its defaulted payments and be taken over by a Chinese state-backed entity.

A falling share price has put the Chinese developer at risk of breaching requirements to maintain its Hong Kong listing. Shareholders are set to vote on consolidating their stock next month.

The Nasdaq-listed game developer will offer shares in return for a 9.9% stake in the Chinese mono solar manufacturer’s Kexin electric vehicle and storage business.

Comtec Solar Systems will likely record a net profit of roughly CNY 8.8 million ($1.3 million) in the first half of this year, marking a sharp turnaround from the CNY 6.4 million net loss it posted in the first six months of 2016.

The Shanghai-based integrated solar specialist said it expects to record a “substantial” net loss for the year to the end of December.