Shanghai electric 160 million stripping PV assets

Source: Internet
Author: User
Keywords Pv
Shanghai Electric (601727) in the property market to transfer 162.66 million yuan under the Topsolar Green Energy Co., Ltd. 61.35% of the shares, and asked the buyer to pay one-time payment.  The asset appraisal report indicated that the topsolar of Jiaotong University has been in the last two years due to the problem of product quality, resulting in difficulties in the payment of goods, and due to changes in the market, the company and upstream suppliers of wafer procurement disputes, resulting in lawsuits.  Stripping PV Assets topsolar registered capital of 313 million yuan, the scope of business includes solar silicon materials, photovoltaic cells and components, photovoltaic power generation systems, solar thermal systems, new energy, renewable energies, energy-saving products, research and development, sales. Shanghai Electric is currently the largest shareholder of Jiaotong University Topsolar, the shareholding ratio is 61.35%; The second largest shareholder is Shanghai Jiaotong University Nanyang Company Limited, holding 23.93% equity, and the remaining 14.72% is the third largest shareholder. For the first major shareholder transfer of all shares, the remaining old shareholders have waived the exercise of preemptive rights.  After the transfer is completed, Shanghai Electric will no longer hold the topsolar of the Jiaotong University.  According to the evaluation report, the target company net assets book value is 240.93 million yuan, the appraisal value is 265.14 million yuan, the appraisal increment value is about 10%, the assignment target's corresponding appraisal value is 162.66 million yuan. In fact, Shanghai Electric has been two degrees in the past two years to transfer the topsolar of the University of China's shares, have not taken place. In December 2008, Shanghai Electric will be held by the Topsolar 36% Equity transfer to Yancheng East investment, 139 million yuan, and handled the property right delivery procedures. However, due to the failure of Yancheng east to pay the contract for the second phase of the transfer of equity 97.02 million yuan, triggering the dissolution of the contract conditions. This March, Jiaotong University topsolar 14.72% stake in Shanghai joint property transactions so no less than 49 million yuan listing.  It is understood that Shanghai Electric in 2008 has established a future corporate development strategy planning, in the new energy sector, will focus on the development of wind power and nuclear power, does not include photovoltaic. Topsolar case of Jiaotong University according to the evaluation report revealed that the Topsolar due to product quality problems, payment recovery is difficult. May 2005, the company sold the battery to Jiangxi Power source Green Energy Co., Ltd., to the evaluation of the base date of the remaining more than 200,000 yuan was not received; in June 2005, German Pvgroup from the company to buy batteries, to the assessment base day book balance of 1.17 million yuan.  And the above customer side to the product quality objection, and therefore refused to pay the remaining payment. Not only that, the company is still facing lawsuits. Jiaotong University Topsolar due to the failure to meet with Shanghai New Energy Co., Ltd. agreed to purchase the monocrystalline silicon wafer, the contract margin of 10 million yuan can not be returned, and the new energy company assets in poor condition, the company's account has been seized by the judicial department. The parties have now entered the arbitral proceedings. But it is expected that even if the company wins, it will be difficult to recover the contract margin by more than 30%. Coincidentally, Jiaotong University topsolar due to the procurement of German Inowatt company Wafer unqualified, demand its retreatAlso paid a margin of 2.08 million dollars.  But the German Inowatt suddenly filed for bankruptcy, according to counsel, the amount can be recovered not more than 30% of the total. In addition, the listing notice also shows that based on the solar energy industry product shelf life for 25, the industry listed companies will be a certain proportion of sales revenue to extract the quality of the risk of gold, and the company has not yet extracted quality risk gold, the compensation incurred from the cost of the payment.  In the transfer process, the target company for the sale of products earmarked for the quality of the 19.14 million yuan for the quality of the liability and responsibility, of which 13.555 million yuan to resolve the complaint has occurred as at June 30, 2010, the quality of products, the rest as no complaints of product quality risk gold. The transferee requires the transferee to agree to stabilize the existing management team of Topsolar Jiaotong University, to maintain the overall stability of the employees before and after the transfer of equity, to accept the company's staff placement scheme, to continue to perform the Labor and labor contracts signed with its employees, and to maintain or not lower than the original reasonable welfare treatment for In addition, the licensee is required to undertake that the company's production and operation sites will not be relocated from Shanghai within 1 years after the completion of the delivery.
Related Article

Contact Us

The content source of this page is from Internet, which doesn't represent Alibaba Cloud's opinion; products and services mentioned on that page don't have any relationship with Alibaba Cloud. If the content of the page makes you feel confusing, please write us an email, we will handle the problem within 5 days after receiving your email.

If you find any instances of plagiarism from the community, please send an email to: and provide relevant evidence. A staff member will contact you within 5 working days.

A Free Trial That Lets You Build Big!

Start building with 50+ products and up to 12 months usage for Elastic Compute Service

  • Sales Support

    1 on 1 presale consultation

  • After-Sales Support

    24/7 Technical Support 6 Free Tickets per Quarter Faster Response

  • Alibaba Cloud offers highly flexible support services tailored to meet your exact needs.