On August 11, Jiangshan Holdings announced that Tianhao New Energy, Jiangshan Yongtai and Changshu Honglue, wholly-owned subsidiaries of the company, intend to sell all the shares of six project companies (holding six solar power projects in China) to Xinhua Power Development Investment Co., Ltd. at a total cost of about RMB 758 million. The Company agrees to guarantee to the Purchaser the performance of the Seller's obligations under the Sale Agreement. According to
the Announcement, the Directors are of the view that this is a good opportunity for the Group to realize its investment in the Project Company, so as to better allocate the Group's resources, optimize its operation mode, improve the efficiency of solar power plant equipment, and accelerate the pace of transformation to a light asset model.
It is reported that after the completion of the disposal, the company will continue to own seven completed solar power plants with a total installed capacity of 170 MW. The Company will continue to engage in the business of solar power plants, including solar power generation through the remaining solar power plants and the sale of electricity to grid companies; and the provision of solar power plant operation and maintenance services to third parties (including the project companies disposed of by the Group) through the Group's team of engineers and maintenance personnel. The management team in relation to the operation and management of the Remaining Group will not be reduced as a result of the Disposal.
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