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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  China Singyes Solar Technologies Holdings Limited    750   BMG2161E1113

CHINA SINGYES SOLAR TECHNOLOGIES HOLDINGS LIMITED

(750)
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China Singyes Solar Technologies : SCHEME EFFECTIVE NOTICE

12/16/2019 | 08:31am EST

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

China Singyes Solar Technologies Holdings Limited

中國 興 業太 陽 能 技術 控 股 有 限公 司

(incorporated in Bermuda with limited liability)

(Stock Code: 750)

SCHEME EFFECTIVE NOTICE

Terms used in this Notice have the same meaning as in the explanatory statement dated 1 November 2019 (the "Explanatory Statement") relating to the proposed scheme of arrangement under sections 670 to 674 of the Companies Ordinance (Cap. 622) of Hong Kong between China Singyes Solar Technologies Holdings Limited (the "Company") and the Scheme Creditors (the "Hong Kong Scheme") and the proposed scheme of arrangement under section 99 of the Companies Act 1981 of Bermuda between the Company and the Scheme Creditors (the "Bermuda Scheme"). Reference is made to the notices of the Company dated 1 November 2019 and 25 November 2019 in relation to the meeting of the Scheme Creditors.

By an order dated 4 December 2019, the Supreme Court of Bermuda sanctioned the Bermuda Scheme ("Bermuda Sanction Order"), and an office copy of the Bermuda Sanction Order was delivered to the Bermuda Registrar of Companies on 11 December 2019. By an order dated 5 December 2019, the High Court of Hong Kong sanctioned the Hong Kong Scheme ("Hong Kong Sanction Order") and an office copy of the Hong Kong Sanction Order was registered with the Hong Kong Registrar of Companies on 16 December 2019.

Notice is hereby given that: (i) each of the Conditions to the effectiveness of the Hong Kong Scheme and the Bermuda Scheme has been satisfied and the Scheme Effective Date is 16 December 2019; and (ii) the Restructuring Effective Date, which is the date on which the arrangement and compromise provided for in the Hong Kong Scheme and the Bermuda Scheme will be implemented, is expected to be 19 December 2019.

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Copies of the Bermuda Sanction Order and the Hong Kong Sanction Order are available to download from the Scheme Website (www.lucid-is.com/singyes).

By order of the Board

China Singyes Solar Technologies Holdings Limited

Zheng Qingtao

Chairman

Hong Kong, 16 December 2019

As at the date of this announcement, the executive Directors are Mr. Zheng Qingtao (Chairman), Mr. Liu Hongwei (Vice Chairman), Mr. Wang Dongwei and Mr. Chen Fushan, the non-executive Directors are Ms. Wang Suhui and Mr. Zhang Jianyuan, and the independent non-executive Directors are Dr. Wang Ching, Mr. Yick Wing Fat, Simon and Dr. Tan Hongwei.

- 2 -

Disclaimer

China Singyes Solar Technologies Holdings Ltd. published this content on 16 December 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 December 2019 13:30:02 UTC


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Financials
Sales 2019 3 307 M 503 M 503 M
Net income 2019 -995 M -151 M -151 M
Net Debt 2019 4 649 M 707 M 707 M
P/E ratio 2019 -0,86x
Yield 2019 -
Capitalization 1 369 M 208 M 208 M
EV / Sales 2018 1,63x
EV / Sales 2019 1,99x
Nbr of Employees 1 400
Free-Float 25,0%
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Managers
NameTitle
Qing Tao Zheng Chairman
Yang Yang Guo Co-Chief Financial Officer
Hong Wei Liu Vice Chairman
Ching Wang Independent Non-Executive Director
Wing Fat Yick Independent Non-Executive Director
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