无标题文档
current location: Home > News & Events
EAST Plans to Acquire Vina Solar
font size: Biginsmall date:2017-12-18 [Print this page]    [Close]

Production line of EAST Group Co., Ltd.

After nearly 5 months of trading suspension, EAST has resumed trading and is accelerating its layout of global photovoltaics industrial chain

EAST Group Co., Ltd. has resumed trading recently after nearly 5 months of trading suspension as a result of overseas asset acquisition and reorganization.

    On December 9, EAST Group Co., Ltd. announced that the thirteenth meeting of the board of directors has deliberated and approved relevant proposals including the “Report on the Acquisition of Major Assets by EAST Group Co., Ltd. (Draft) (Revision) and the Proposal of the Abstract”. The company plans to acquire 100% of the shares of Ningbo Jiangbei Yize New Energy Science & Technology Co., Ltd. (hereinafter referred to as Ningbo Yize) at a price of RMB 2.9 billion in cash. Ningbo Yize locates its manufacturing base in Vietnam and its two subsidiaries Vina Solar Technology Co., Ltd. (hereinafter referred to as Vina Solar) and Vina Cell Technology Co., Ltd. (hereinafter referred to as Vina Cell) are manufacturing enterprises of photovoltaics modules and photovoltaics cells respectively with considerable scale in Vietnam and even in Southeast Asia at large. Most of their clients are world renowned photovoltaics manufacturers.

Accelerate globalization layout

The underlying acquisition Ningbo Yize is a well-known enterprise engaged in solar energy field. One of its subsidiary Vina Solar involves in the R&D, manufacturing and distribution of photovoltaics modules and is a consigned manufacturer of photovoltaics modules with a design capacity of 4.0GW photovoltaics modules. The other subsidiary Vina Cell focuses on the R&D, manufacturing and distribution of photovoltaics cells and is already equipped with a design capacity of 1.1GW photovoltaics cells.

It is learned that Ningbo Yize boasts prominent strengths in its scale with a design capacity of 1.1GW cells and 4.0GW modules in Vietnam. EAST noted that the company under acquisition enjoys diversified product range with a production capability of manufacturing conventional monocrystalline and polycrystalline silicon cells, PERC monocrystalline and polycrystalline silicon cells, black silicon polycrystalline cells and the corresponding photovoltaics modules. Technologically, it leads the industry in terms of the conversion efficiency of solar energy into electricity of its products. In addition, through years of development, it has accumulated abundant overseas customer resources, which is good for the expansion of its overseas business and accelerate its globalization layout.

EAST is one of the Key Hi-tech Enterprises of China Torch Program and a supplier of solutions for global electric power quality. It has established 256 customer service centers in the domestic market, 7 regional service centers, and 5 overseas marketing centers. Currently, EAST is earnestly developing three strategic emerging industries featuring smart city and big data, smart energy and rail transit. It aims to further deepen the layout of the photovoltaic industrial chain on the basis of the R&D, manufacturing and distribution as well as service business of the three strategic emerging industries so as to lead to another upgrading of the company’s photovoltaic business.

Optimize the industrial chain of the main businesses

He Simo, Chairman of EAST, expressed that the acquisition marks a significant milestone for EAST to go global and has profound implications for the development of EAST.

He Simo pointed out that the acquisition has enhanced the overall competitiveness of EAST in its international business, improved the company’s business layout among the countries along the Belt and Road, and laid a solid foundation for the company to access the high-end European and American markets. Moreover, the acquisition has also optimized the industrial chain of its various main businesses. He Simo noted that the acquisition will allow the listed company to enter into the business areas of manufacturing and distribution of solar cell panels and modules, which, together with the company’s existing photovoltaic power business, can generate synergy effects. The weight modules and inverter help to provide the customers with one-stop integrated solutions, which can strengthen the company’s overall capability of photovoltaic business.

The acquisition will also promote the international technological exchanges and capacity cooperation on new energy for EAST. EAST indicated that it will make full use of this opportunity and platform to constantly step up international capacity cooperation on photovoltaic industry, and export to the world such world-leading core technologies as the independently developed high-frequency switching power supply technology, photovoltaic inverter technology, distributed generation technology, micro smart grid, charging pile and storage technology, leading a global photovoltaic technological revolution as well as industrial transformation and upgrading. Besides, the acquisition will also boost the core competitiveness of EAST as an international brand.

Source: timedg.com


无标题文档