On June 25, Jingshan Light Machine announced that. (hereinafter referred to as "Shengcheng Photovoltaic") intends to increase the capital of Jiangsu Runyang New Energy Technology Co., Ltd. Upon completion of the
capital increase, Shengcheng Photovoltaics holds 8,437,500 shares of Runyang , accounting for 1.5523% of the total share capital of Runyang after the conversion; The registered capital of Runyang shares will be increased from 450 million yuan to 5.
The announcement shows that the premise and source of funds for this capital increase is that the subsidiaries or related parties of Runyang shares will pay off Shengcheng Photovoltaic for 20.83 million US dollars (about 150 million RMB).
It is reported that in 2024, the operating income of Runyang shares reached 13.604 billion yuan, with a net profit loss of 889 million yuan ; By the end of 2024, the company had total assets of 36.42 billion yuan and total liabilities of 289.
Since February this year, Shengcheng Photovoltaic has become the sixth company to become a shareholder of Runyang through the "debt-to-equity swap" model.
Like previous companies, Runyang shares promise to complete the IPO listing (A-share motherboard, innovation board, GEM) or merge into A-share listed companies before the prescribed time.
And Runyang shares promise that if it is successfully listed, the market value corresponding to the amount of shares held by Shengcheng Photovoltaic Company is less than (not equal to) the principal amount of the creditor's rights to be converted into shares, or the shares held by Shengcheng Photovoltaic Company are all acquired at the prescribed time, but the purchase price is less than investment amount. The promisor (referring to Runyang shares, Tao Longzhong and Yueda Group and its holding company) shall compensate the listed company for its shares (rights) or cash.
If the listing of Runyang shares fails, the promisor will repurchase the shares of the target company held by Shengcheng Photovoltaic.
According to the current public data, if the capital increase goes smoothly, Runyang shares can pass the "debt-to-equity swap" model debt of 1.31 billion yuan, involving 7368.