Shunfeng International Clean Energy entered into a non-legally binding memorandum of understanding with Asia-Pacific (China) Investment Management in relation to the possible sale of the 100% equity interests in Jiangsu Shunfeng Photovoltaic Technology at a cash consideration of approximately RMB 5bn ($76m).
Jiangsu Shunfeng, a company incorporated in the People’s Republic of China (the ”PRC”), is a wholly owned subsidiary of Shunfeng International Clean Energy (SFCE) and operates the Company’s business in solar projects manufacturing and sales.
Asia-Pacific (China) Investment Management Ltd. is a company 100% owned by Mr. Kin Ming Cheng, who is also a substantial shareholder of SFCE.
SFCE Executive Director and CEO Eric Luo said: "We are very delighted to enter a MOU with Asia-Pacific (China) Investment Management Ltd.
"Since 2015, SFCE is driving a strategic transition with the core focus being shifted from heavy-asset based manufacturing business to light-asset based service business.
"The Company will continue its business on the solar power generation, solar projects development, EPC and O&M, while proactively explore and expand energy management contracting business and other clean energy technologies and applications, include LED lightings.
"We are firmly committed to transforming SFCE into a world’s leading integrated clean energy solutions provider."