On April 17, Zhonglai announced that the company and its holding subsidiary Taizhou Zhonglai signed the Photovoltaic Cell Project Cooperation Agreement with Baida Seiko and its holding subsidiary Jiangxi Baida.
According to the cooperation agreement, Baida Seiko intends to invest in the construction of " 13.5G W solar cell project per year" (hereinafter referred to as "cell project") with Jiangxi Baida as the main body of implementation. The company intends to cooperate with Baida Seiko to promote the battery project by participating in Jiangxi Baida and providing technical support services to Jiangxi Baida.
Of which, the Company intends to subscribe for the newly-increased registered capital of Jiangxi Baida of RMB45.9 million with its own or self-raised capital of RMB45.9 million. Upon completion of this capital increase, the Company will hold 15% equity interest in Jiangxi Baida; At the same time, the Company and Taizhou Zhonglai will provide comprehensive technical support services for the investment in the Jiangxi Baida Cell Project, with a service fee of RMB50 million, which will be paid by Jiangxi Baida to Taizhou Zhonglai.
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