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    182   BMG2345T1099

CONCORD NEW ENERGY GROUP LIMITED

(182)
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Concord New Energy : DISCLOSEABLE TRANSACTION PURCHASE OF WIND POWER EQUIPMENT

03/26/2021 | 04:59am EDT

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.

Concord New Energy Group Limited

՘Υอঐ๕ණྠϞࠢʮ̡ *

(Incorporated in Bermuda with limited liability)

(Stock Code: 182)

DISCLOSEABLE TRANSACTION PURCHASE OF WIND POWER EQUIPMENT

The Board is pleased to announce that after trading hour on 24 March 2021, the Purchaser entered into the Purchase Contract with the Supplier, pursuant to which the Purchaser shall purchase the Wind Power Equipment from the Supplier at the Consideration.

As the highest Applicable Percentage Ratio for the Transaction exceeds 5% but is less than 25%, the entering into the Purchase Contract constitutes a discloseable transaction for the Company and is thus subject to the notification and publication requirements under Chapter 14 of the Listing Rules.

BACKGROUND

The Board is pleased to announce that after trading hour on 24 March 2021, the Purchaser entered into the Purchase Contract with the Supplier, pursuant to which the Purchaser shall purchase the Wind Power Equipment from the Supplier at the Consideration.

PURCHASE CONTRACT

The principal terms of the Purchase Contract are as follows:Date

  • : 24 March 2021

    Parties

  • : the Purchaser as the purchaser; and the Supplier as the supplier.

    Assets to be purchased

  • : The Wind Power Equipment comprising wind turbines and ancillary equipment (including wind turbines and electricity generation systems, control systems hardware and software, ancillary equipment and etc.) with a total power output capability of 200 MW to be used for the Group's wind power grid connection construction project (the "Harbin Wind Power Project") situated in Bin County, Harbin City, Heilongjiang Province, the PRC€ʕ਷ලᎲϪ޲۞ဧᏵ̹Ⴗጤ.

    ConsiderationPayment terms

  • : The Consideration payable by the Purchaser to the Supplier for the purchase of the Wind Power Equipment is approximately RMB604.1 million (approximately HK$719.2 million), comprising contracted purchase price of approximately RMB534.6 million and value-added tax of approximately RMB69.5 million. The Consideration also includes, among other things, fees for technical services, technical documentation, delivery and insurance charges, and other miscellaneous charges.

    The Consideration was agreed after arm's length negotiation between the Purchaser and the Supplier with reference to the market price of the major equipment or component of the Wind Power Equipment.

  • : The Consideration shall be paid by the Purchaser by five instalments in the following manner based on the stages of completion of the Purchase Contract:

    • (a) Advance payment: 10% of the Consideration shall be paid within 25 days after the Supplier having provided the performance guarantee as mentioned below to the Purchaser;

    • (b) Raw materials payment: 20% of the Consideration shall be paid within 25 days after the Supplier having provided the purchase contracts of the major component of the Wind Power Equipment and the delivery arrival plan for the Wind Power Equipment to the Purchaser;

  • (c) Delivery progress payment: 35% of the Consideration shall be paid within 25 days after the Supplier having provided certain supporting documents to the Purchaser;

  • (d) Pre-inspection payment: 25% of the Consideration shall be paid within 25 days after the wind turbines of the Wind Power Equipment having passed a 240-hour trial run; and

  • (e) Warranty payment: 10% of the Consideration shall be paid within 40 days after the wind turbines of the Wind Power Equipment having passed the final checking and having been accepted by the Purchaser.

It is expected that all the Wind Power Equipment shall be delivered to the Purchaser on or before March 2022.

The Consideration shall be payable in cash, which will be financed by internal resources and/or borrowings of the Group.

Performance guarantee and warranty

:

Within 15 days from the date of the Purchase Contract, the Supplier shall provide an irrevocable performance guarantee for an amount equal to 10% of the Consideration issued by a bank in favour of the Purchaser to secure the Supplier's due performance of its obligations under the Purchase Contract. The said irrevocable performance guarantee shall lapse on the first day of the warranty period of the Wind Power Equipment and shall be returned to the Purchaser within 30 days upon entering into the warranty period of the Wind Power Equipment.

The Supplier will provide a warranty period of five years in respect of the Wind Power Equipment.

INFORMATION OF THE PARTIES TO THE PURCHASE CONTRACT

The Company is an investment holding company. The Group is principally engaged in (i) investing in wind and solar power projects; and (ii) offering professional technical services and integrated solutions to the wind and solar power generation projects.

The Purchaser is a wholly-owned subsidiary of the Company and is principally engaged in the trading of equipment for new energy.

The Supplier is a company established in the PRC, which is principally engaged in the supply of wind power machinery and equipment in the PRC. Insofar as the Company is aware, as at the date of the Announcement, the Supplier is a company listed on the Shanghai Stock Exchange (Stock code: 300772).

To the best of the Directors' knowledge, information and belief after having made all reasonable enquiries, the Supplier and its ultimate beneficial owner(s) are third parties independent of the Company and its connected persons.

REASONS FOR AND BENEFIT OF THE TRANSACTION

It is in the ordinary and usual course of business of the Group to build wind power plants in the PRC, including the Harbin Wind Power Project. The Wind Power Equipment to be acquired under the Purchase Contract will be used for the Harbin Wind Power Project.

The Group evaluated the terms of the Purchase Contract based on, among other factors, the specifications and needs of the Harbin Wind Power Project, the credentials and experience of the Supplier, the quality of the products and the services, the products warranty and the terms offered by other suppliers to the Group. The Directors consider that the terms of the Purchase Contract is on normal commercial terms, fair and reasonable, and in the interests of the Company and its shareholders as a whole.

LISTING RULES IMPLICATIONS

As the highest Applicable Percentage Ratio for the Transaction exceeds 5% but is less than 25%, the entering into the Purchase Contract constitutes a discloseable transaction for the Company and is thus subject to the notification and publication requirements under Chapter 14 of the Listing Rules.

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Concord New Energy Group Ltd. published this content on 24 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 March 2021 09:58:09 UTC.


© Publicnow 2021
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Financials
Sales 2021 2 698 M 348 M 348 M
Net income 2021 945 M 122 M 122 M
Net cash 2021 11 082 M 1 428 M 1 428 M
P/E ratio 2021 4,84x
Yield 2021 5,85%
Capitalization 4 844 M 624 M 624 M
EV / Sales 2021 -2,31x
EV / Sales 2022 -2,83x
Nbr of Employees 1 619
Free-Float 64,4%
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Mean consensus BUY
Number of Analysts 2
Average target price 0,75 HKD
Last Close Price 0,59 HKD
Spread / Highest target 27,1%
Spread / Average Target 27,1%
Spread / Lowest Target 27,1%
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Managers and Directors
NameTitle
Kai Gui Chief Executive Officer & Executive Director
Wen Hui Niu Chief Financial Officer & Executive Director
Shun Xing Liu Chairman
Fat Suan Yap Independent Non-Executive Director
Jian Huang Independent Non-Executive Director
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