星期四, 十月 1, 2020
Home PV News Jolywood to increase the capital of subsidiary and introduce state-owned assets

Jolywood to increase the capital of subsidiary and introduce state-owned assets

On the evening of December 29, Jolywood (Suzhou) Sunwatt Co., Ltd. announced that the company plans to invest 300 million yuan to increase the capital of its wholly-owned subsidiary Jolywood (Taizhou) Solar Technology Co.,Ltd, and at the same time introduce Jiangyan state investment Corporation, Jiangyan city investment Corporation and Jiangyan Longxiang city construction Corporation to invest 600 million yuan as the new investors of Jolywood (Taizhou) Solar Technology Co.,Ltd.

After the capital increase, the registered capital of Jolywood (Taizhou) Solar Technology Co.,Ltd will increase from 1.5 billion yuan to 2.335 billion yuan, and the company will change from a wholly-owned subsidiary to a holding subsidiary. Jolywood (Suzhou) Sunwatt Co., Ltd. will hold 76.17% of the equity of Jolywood (Taizhou) Solar Technology Co.,Ltd.

According to the public information, as of July 31, the net assets of Jolywood (Taizhou) Solar Technology Co.,Ltd were 1.608 billion yuan, and the capital increase of all parties was based on the valuation of the target company of 1.618 billion yuan.

The company said that it plans to introduce strategic investors by introducing the capital of state-owned companies and increasing capital and shares, in order to further adjust the subsidiary Jolywood (Taizhou) Solar Technology Co.,Ltd. from the equity structure, integrate the advantages of the resources of all parties, and ensure the follow-up capital and business development needs of the company’s photovoltaic sector.

According to the financial report, Jolywood (Taizhou) Solar Technology Co.,Ltd achieved revenue of 1.186 billion yuan in 2018; The net profit was 18.5957 million yuan.

On December 6, Jolywood said on the interactive platform that at present, the photovoltaic market in the Middle East and Europe has been gradually improving. According to various research reports, the domestic installation capacity will still increase next year compared with this year and will not be depressed.

In the first three quarters of 2019, its operating revenue and net profit were 2.5 billion yuan and 228 million yuan respectively, up 37.04% and 62.78% year-on-year.

In this market situation, the company in the extension of the expansion also take an active posture.

Jolywood (Suzhou) Sunwatt Co., Ltd. announced on the evening of September 19 that the company (or the company’s holding subsidiary) plans to set up a joint venture company with Henan Ancai Hi-Tech Co.,Ltd. in Anyang city, Henan Province, China to invest and construct the project with an annual output of 2GW efficient  photovoltaic  modules.

The registered capital of the joint venture is RMB 200 million, and the subscribed capital of the company (or its holding subsidiary) is RMB 160 million, accounting for 80%. This cooperation will accelerate the company’s strategic layout in the field of efficient batteries.

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