Hong Kong stock exchange

The polysilicon maker and solar developer saw its shares suspended from trading this morning after missing the deadline to publish its annual report but has been busy with more planned PV project sales.

The Chinese PV company, which is preparing to move its headquarters to Changzhou city this month, has revealed details of the legal dispute which prompted its auditor to resign a fortnight ago.

The directors said the company’s shuttering of solar cell manufacturing–prompted by aging production equipment and a lack of scale–were unexpected.

Paris-headquartered Mazars has walked away from Comtec Solar, citing ‘professional risk associated with the audit’ of the figures for the former solar manufacturer, which is now focusing on PV project income, energy storage and EVs.

The poly maker is making significant investment pledges into new production lines in Sichuan and Inner Mongolia.

The tide of clean energy facilities planned under the city’s next five-year strategy was revealed by Hong Kong-listed polysilicon maker Xinte Energy, which has signed a framework agreement to construct 200,000 tons of manufacturing capacity near Inner Mongolia’s largest city.

Investors sitting on three-year notes worth $500 million have been asked to postpone settlement for another three years and to sign away their rights to oppose the debt restructure plan which would be needed if the company defaults on the commitment, triggering a cross default.

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

GCL-Poly has pulled its commitment to inject US$68m into a 30 GW production capacity wafer fab joint venture established with Tianjin Zhonghuan in the Chinese autonomous region of Inner Mongolia, citing a preference to focus on ‘more competitive products’.

State-owned China Energy Engineering Corp Ltd said the PV capacity will be developed in two phases in a deal worth $500 million.