Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  GCL-Poly Energy Holdings Limited    3800   KYG3774X1088

GCL-POLY ENERGY HOLDINGS LIMITED

(3800)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

GCL Poly Energy : CONTINUING CONNECTED TRANSACTIONS - LEASE AGREEMENTS

12/31/2019 | 03:12am 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.

GCL-POLY ENERGY HOLDINGS LIMITED

保 利 協 鑫 能 源 控 股 有 限 公 司

(Incorporated in the Cayman Islands with limited liability)

(Stock code: 3800)

CONTINUING CONNECTED TRANSACTIONS

LEASE AGREEMENTS

LEASE AGREEMENTS

On 31 December 2019, Suzhou GCL Research, an indirect wholly-owned subsidiary of GCL- Poly Energy Holdings Limited (the "Company"), entered into the following property lease agreements as landlord with:

  1. GCL System Integration Technology as tenant in relation to the leasing of 5/F Headquarter for use as offices for a term of two months commencing from 1 January 2020 to 29 February 2020 (the "GCL System Integration Technology Lease Agreement");
  2. GCL Energy Engineering as tenant in relation to the leasing of 3/F South Western Zone of Research Building for use as offices for a term of two months commencing from 1
    January 2020 to 29 February 2020 (the "GCL Energy Engineering Lease Agreement");
  3. GCL Energy Technology as tenant in relation to the leasing of 2/F South Western Zone of Research Building for use as offices for a term of twenty-one months commencing from 1 January 2020 to 30 September 2021 (the "GCL Energy Technology Lease Agreement"); and
  4. GCL Construction Management as tenant in relation to the leasing of 3/F South Eastern Zone of Research Building for use as offices for a term of twenty-one months commencing from 1 January 2020 to 30 September 2021 (the "GCL Construction Management Lease Agreement"),
    (together, the "Lease Agreements").
    • 1 -

LISTING RULES IMPLICATIONS

As at the date of this announcement, the Zhu Family Trust is the ultimate controlling shareholder and a connected person of the Company. GCL System Integration Technology and GCL Energy Engineering are both subsidiaries of GCL System Integration, which is in turn ultimately controlled by Mr. Zhu Yufeng and the Zhu Family Trust, under which Mr. Zhu and his family (including Mr. Zhu Yufeng) are beneficiaries. GCL Energy Technology and GCL Construction Management are both ultimately held and controlled by the Zhu Family Trust. Accordingly, each of GCL System Integration Technology, GCL Energy Engineering, GCL Energy Technology and GCL Construction Management are therefore connected persons of the Company and the transactions under the Lease Agreements constitute continuing connected transactions of the Company under Chapter 14A of the Listing Rules.

In accordance with Rule 14A.76(2) of the Listing Rules, as the highest applicable percentage ratio in respect of the transactions contemplated under the Lease Agreements, on an aggregate basis, exceeds 0.1% but is less than 5%, it is subject to the reporting, annual review and announcement requirements but is exempt from the independent Shareholders' approval requirement under Chapter 14A of the Listing Rules.

PRINCIPAL TERMS OF THE LEASE AGREEMENTS

  1. GCL System Integration Technology Lease Agreement Date:

31 December 2019

Parties:

  1. Suzhou GCL Research; and
  2. GCL System Integration Technology

Subject Property

5/F Headquarter, with a total gross area of approximately 8,183 sq. m.

Use of Subject Property

Offices

Lease Term

Two months from 1 January 2020 to 29 February 2020

- 2 -

Rent

RMB613,725 per month, calculated at the rate of RMB75 per sq. m.

Utility fees

GCL System Integration Technology shall be responsible for the payment of the utility fees, including water, electricity, telecommunication, network, property management, facilities maintenance, cleaning, and parking lot management and rental fee.

  1. GCL Energy Engineering Lease Agreement Date:

31 December 2019

Parties:

  1. Suzhou GCL Research; and
  2. GCL Energy Engineering

Subject Property

3/F South Western Zone of Research Building, with a total gross area of approximately 6,859.44 sq. m.

Use of Subject Property

Offices

Lease Term

Two months from 1 January 2020 to 29 February 2020

Rent

RMB514,458 per month, calculated at the rate of RMB75 per sq. m.

Utility fees

GCL Energy Engineering shall be responsible for the payment of the utility fees, including water, electricity, telecommunication, network, property management, facilities maintenance, cleaning, and parking lot management and rental fee.

  1. GCL Energy Technology Lease Agreement Date:

31 December 2019

Parties:

  1. Suzhou GCL Research; and
  2. GCL Energy Technology

- 3 -

Subject Property

2/F South Western Zone of Research Building with a total gross area of approximately 1,436.44 sq. m. from 1 January 2020 to 30 September 2020 and a total gross area of approximately 1,077.33 sq. m. from 1 October 2020 to 30 September 2021

Use of Subject Property

Offices

Lease Term

Twenty-one months from 1 January 2020 to 30 September 2021

Rent

RMB107,733 per month from 1 January 2020 to 30 September 2020, calculated at the rate of RMB75 per sq. m.

RMB80,799.75 per month from 1 October 2020 to 30 September 2021, calculated at the rate of RMB75 per sq. m.

Utility fees

GCL Energy Technology shall be responsible for the payment of the utility fees, including water, electricity, telecommunication, network, property management, facilities maintenance, cleaning, and parking lot management and rental fee.

  1. GCL Construction Management Lease Agreement Date:

31 December 2019

Parties:

  1. Suzhou GCL Research; and
  2. GCL Construction Management

Subject Property

3/F South Eastern Zone of Research Building, with a total gross area of approximately 4,268.29 sq. m.

Use of Subject Property

Offices

Lease Term

Twenty-one months from 1 January 2020 to 30 September 2021

- 4 -

Rent

RMB320,121.75 per month, calculated at the rate of RMB75 per sq. m.

Utility fees

GCL Construction Management shall be responsible for the payment of the utility fees, including water, electricity, telecommunication, network, property management, facilities maintenance, cleaning and, and parking lot management and rental fee.

BASIS FOR RENT

The unit rent of RMB75 per sq. m. per month under the Lease Agreements were determined after arm's length negotiations between the parties with references to the prevailing available market rate of comparable properties.

HISTORICAL FIGURE AND ANNUAL CAP

As disclosed in the Company's announcement dated 27 September 2019, GCL Energy Technology Co., Ltd.* (協鑫能源科技股份有限公司) has been leasing 3/F Headquarter since 1 October 2019 with a monthly rent of RMB1,523,722.5 based on a unit rent of RMB75 per sq. m. per month pursuant to a lease agreement entered into with Suzhou GCL Research on 27 September 2019 (the "Previous Lease Agreement"). The term of the Previous Lease Agreement will expire on 30 September 2021.

The aggregate rent to be received under the Previous Lease Agreement and the annual cap for the transactions contemplated under the Lease Agreements for the two financial years ending

31 December 2021 are set out below:

Financial Year Ending

31 December

2020

2021

RMB

RMB

Previous Lease Agreement

18,284,670.00

13,713,502.50

GCL System Integration Technology Lease Agreement

1,227,450.00

-

GCL Energy Engineering Lease Agreement

1,028,916.00

-

GCL Energy Technology Lease Agreement

1,211,996.25

727,197.75

GCL Construction Management Lease Agreement

3,841,461.00

2,881,095.75

Total

25,594,493.25

17,321,796.00

The above annual caps are based on the aggregate rents to be received under the Previous Lease Agreement and the Lease Agreements in the period from 1 January 2020 to 30 September 2021.

INFORMATION ON THE PARTIES

Suzhou GCL Research

Suzhou GCL Research, a company incorporated in the PRC and an indirect wholly-owned subsidiary of the Company, is the owner of 5/F Headquarter, 3/F South Western Zone of Research Building, 2/F South Western Zone of Research Building and 3/F South Eastern Zone

- 5 -

of Research Building. Suzhou GCL Research is principally engaged in (i) the research and development, testing and sales of monocrystalline silicon, polysilicon, LED semiconductor lighting, OLED display, motive battery and related products; (ii) the development of energy saving technology, technology consultancy, technology services and technology transfer; (iii) the import of raw and auxiliary materials, machinery and equipment and related technologies required by the research and development of Suzhou GCL Research and (iv) the export of self- produced products and related technology.

The Company

The Company is an investment company and its subsidiaries are principally engaged in the manufacturing and the sale of polysilicon and wafers products as well as the development, owning and operation of solar farms.

GCL System Integration Technology

GCL System Integration Technology is a company incorporated in the PRC principally engaged in (i) new energy, renewable energy, energy storage, integration of energy systems, and the development, testing, design, technology development, technology consultancy, technology services and technology transfer of solar-material-related products and equipment, as well as the import and export of the abovesaid commodities and technologies; and (ii) the development, design, production, maintenance, installation, after-sale service and consultancy of photovoltaic power storage of new-energy cars as well as the assembly and maintenance of power recharge stations of new-energy cars.

GCL Energy Engineering

GCL Energy Technology is a company incorporated in the PRC principally engaged in (i) design, construction, installation and engineering of solar power stations; (ii) the development of solar photovoltaic systems technology, technology consultancy, technology services and technology transfers; (iii) power engineering design and construction; (iv) contractual energy management; (v) sales of power stations equipment and parts; (vi) the import and export of self- produced and agent commodities and technologies; (vii) undertaking of foreign construction projects which are suitable for its capacity, size and result; and (viii) dispatching of the employees abroad for implementing the abovesaid foreign constructions.

GCL Energy Technology

GCL Energy Technology, a company incorporated in the PRC and is principally engaged in (i) energy technology development, technical consulting and technical services; (ii) economic information consulting and investment consulting; and (iii) sales of electrical equipment, coal, fly ash, building materials and chemical products.

GCL Construction Management

GCL Energy Technology is a company incorporated in the PRC principally engaged in (i) polysilicon, monocrystalline silicon, solar cell and module project management services and project investment; (ii) import and export of self-produced and agent commodities and technologies (state-restricted enterprises); (iii) building construction, railway, road, tunnel and bridge construction; (iv) wiring and equipment construction; (v) electrical installation; (vi) engineering management services; (vii) engineering survey design; (viii) road general cargo transportation; (ix) software development; and (x) property management.

- 6 -

REASONS FOR AND BENEFITS FOR THE GCL ENERGY TECHNOLOGY LEASE AGREEMENT

5/F Headquarter, 3/F South Western Zone of Research Building, 2/F South Western Zone of Research Building and 3/F South Eastern Zone of Research Building are spare space in the property of the Group. The leasing of such spare spaces could bring additional rental income to the Group. The Directors (including the independent non-executive Directors) are of the view that the transaction contemplated under the Lease Agreements were (i) negotiated on arm's length basis; (ii) entered into on normal commercial terms; (iii) in the ordinary and usual course of business; (iv) fair and reasonable; and (v) in the interests of the Company and the Shareholders as a whole.

LISTING RULE IMPLICATIONS

As at the date of this announcement, the Zhu Family Trust is the ultimate controlling shareholder and a connected person of the Company. GCL System Integration Technology and GCL Energy Engineering are both subsidiaries of GCL System Integration, which is in turn ultimately controlled by Mr. Zhu Yufeng and the Zhu Family Trust, under which Mr. Zhu and his family (including Mr. Zhu Yufeng) are beneficiaries. GCL Energy Technology and GCL Construction Management are both ultimately held and controlled by the Zhu Family Trust. Accordingly, each of GCL System Integration Technology, GCL Energy Engineering, GCL Energy Technology and GCL Construction Management are therefore connected persons of the Company and the transactions under the Lease Agreements constitute continuing connected transactions of the Company under Chapter 14A of the Listing Rules.

In accordance with Rule 14A.76(2) of the Listing Rules, as the highest applicable percentage ratio in respect of the transactions contemplated under the Lease Agreements, on an aggregate basis, exceeds 0.1% but is less than 5%, it is subject to the reporting, annual review and announcement requirements but is exempt from the independent Shareholders' approval requirement under Chapter 14A of the Listing Rules.

As (i) Mr. Zhu and Mr. Zhu Yufeng, have material interest in the transaction contemplated under the Lease Agreements; (ii) Ms. Sun Wei is the vice chairman of Golden Concord Holdings Limited; and (iii) Mr. Yeung Man Chung, Charles is the vice president of Golden Concord Holdings Limited, Mr. Zhu, Mr. Zhu Yufeng, Ms. Sun Wei and Mr. Yeung Man Chung, Charles have abstained from voting on the resolutions of the Board in respect of the approval of the Lease Agreements.

DEFINITIONS

In this announcement, the following expressions shall have the meanings set out below unless the context requires otherwise:

"2/F South Western Zone of

second floor of the south western zone of research

Research Building"

building located at No. 28 Xinqing Road, Suzhou

Industrial Park, Suzhou, PRC

"3/F South Eastern Zone of

third floor of the south eastern zone of research building

Research Building"

located at No. 28 Xinqing Road, Suzhou Industrial

Park, Suzhou, PRC

- 7 -

"3/F South Western Zone of

third floor of the south western zone of research

Research Building"

building located at No. 28 Xinqing Road, Suzhou

Industrial Park, Suzhou, PRC

fifth floor of the headquarter located at No. 28 Xinqing

"5/F Headquarter"

Road, Suzhou Industrial Park, Suzhou, PRC

"associate"

has the meaning given to it under the Listing Rules

"Board"

the board of Directors

"Company"

GCL-Poly Energy Holdings Limited, a company

incorporated in the Cayman Islands with limited

liability whose shares are listed on the Main Board of

the Stock Exchange (stock code: 3800)

"connected person(s)"

has the meaning given to it under the Listing Rules

"Director(s)"

the director(s) of the Company

"GCL Construction

GCL (Jiangsu) Construction and Management Co.,

Management"

Ltd.* ( 江 蘇 協 鑫 建 設 管 理 有 限 公 司 ), a company

incorporated in the PRC and ultimately held and

controlled by the Zhu Family Trust

"GCL Construction

the property lease agreement dated 31 December 2019

Management Lease

entered into between Suzhou GCL Research as

Agreement"

landlord and GCL Construction Management as tenant

in relation to the lease of 3/F South Eastern Zone of

Research Building

"GCL Energy Engineering"

GCL Energy Engineering Co., Ltd.* (協鑫能源工程有

限公司), a company incorporated in the PRC and a

subsidiary of the GCL System Integration

"GCL Energy Engineering

the property lease agreement dated 31 December 2019

Lease Agreement"

entered into between Suzhou GCL Research as

landlord and GCL Energy Engineering as tenant in

relation to the lease of 3/F South Western Zone of

Research Building

"GCL Energy Technology"

Suzhou GCL Energy Technology Co., Ltd.* (蘇州

鑫能源科技有限公司), a company incorporated in the

PRC and ultimately held and controlled by the Zhu

Family Trust

"GCL Energy Technology

the property lease agreement dated 31 December 2019

Lease Agreement"

entered into between Suzhou GCL Research as

landlord and GCL Energy Technology as tenant in

- 8 -

relation to the lease of 2/F South Western Zone of

Research Building

"GCL System Integration"

GCL System Integration Technology Co., Ltd.* (協鑫

集成科技股份有限公司), a company incorporated in

the PRC with its shares listed on the Small and Medium

Enterprise Board of the Shenzhen Stock Exchange

(stock code: 2506)

"GCL System Integration

Suzhou GCL System Integration Technology Industrial

Technology"

Application Research Co., Ltd.* (蘇州協鑫集成科技

工業應用研究院有限公司), a company incorporated

in the PRC and a subsidiary of GCL System Integration

"GCL System Integration

the property lease agreement dated 31 December 2019

Technology Lease

entered into between Suzhou GCL Research as

Agreement"

landlord and GCL System Integration Technology as

tenant in relation to the lease of 5/F Headquarter

"Group"

the Company and its subsidiaries

"Listing Rules"

The Rules Governing the Listing of Securities on the

Stock Exchange

"Mr. Zhu"

Mr. Zhu Gongshan, the Chairman and an executive

Director of the Company

"Mr. Zhu Yufeng"

Mr. Zhu Yufeng, son of Mr. Zhu and an executive

Director of the Company

"Previous Lease Agreement"

the property lease agreement dated 27 September 2019

entered into between Suzhou GCL Research as

landlord and GCL Energy Technology Co., Ltd.* (

鑫能源科技股份有限公司) as tenant in relation to the

lease of 3/F Headquarter

"PRC"

the People's Republic of China

"RMB"

Renminbi, the lawful currency of the PRC

"Shareholder(s)"

the shareholders of the Company

"sq. m."

square meter

"Stock Exchange"

The Stock Exchange of Hong Kong Limited

- 9 -

"subsidiary(ies)" "Suzhou GCL Research"

"Zhu Family Trust"

"%"

*For identification purposes only.

Hong Kong, 31 December 2019

has the meaning given to it under the Listing Rules

Suzhou GCL Industrial Application Research Co., Ltd.*( 蘇 州 協 鑫 工 業 應 用 研 究 院 有 限 公 司 ), a company incorporated in the PRC and an indirect wholly-ownedsubsidiary of the Company

the discretionary trust known as the "Asia Pacific Energy Fund", of which Mr. Zhu and his family (including Mr. Zhu Yufeng, an executive Director and son of Mr. Zhu) are beneficiaries

percent

By order of the Board

GCL-Poly Energy Holdings Limited

Zhu Gongshan

Chairman

As at the date of this announcement, the Board comprises Mr. Zhu Gongshan (Chairman), Mr. Zhu Zhanjun, Mr. Zhu Yufeng, Ms. Sun Wei, Mr. Yeung Man Chung, Charles, Mr. Jiang Wenwu and Mr. Zheng Xiongjiu as executive Directors; Ir. Dr. Ho Chung Tai, Raymond, Mr. Yip Tai Him, Dr. Shen Wenzhong and Mr. Wong Man Chung, Francis as independent non-executive Directors.

- 10 -

Disclaimer

GCL-Poly Energy Holdings Ltd. published this content on 31 December 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 December 2019 08:11:04 UTC


© Publicnow 2019
All news about GCL-POLY ENERGY HOLDINGS LIMITED
01/22GCL POLY ENERGY : Raises $540 Million From Share Placement; Shares Rally 19%
MT
01/14GCL-Poly Energy Seeks $543 Million from Private Placement; Shares Surge 17%
MT
01/13GCL POLY ENERGY : New Energy Shares Slide over 3% on Extension of Offer to Swap ..
MT
2020GCL POLY ENERGY : Shares Surge 11% on Projected Increase in Production Capacity ..
MT
2020GCL-Poly Energy Shares Jump 7% on Divestment of $110 Million Stake in Finance..
MT
2020Shares of GCL-Poly Energy Surge 14%, GCL New Energy Jump 7% on Sale of More P..
MT
2020GCL New Energy Offloads Stakes in Five Solar Power Plants for $42 Million
MT
2020GCL POLY ENERGY : Notification Letter and Request Form for Non-registered Shareh..
PU
2020GCL POLY ENERGY : Interim report 2020
PU
2020GCL POLY ENERGY : Supplemental announcement in relation to the annual report for..
PU
More news
Financials
Sales 2020 17 070 M 2 638 M 2 638 M
Net income 2020 -1 577 M -244 M -244 M
Net Debt 2020 50 209 M 7 759 M 7 759 M
P/E ratio 2020 -22,5x
Yield 2020 -
Capitalization 51 648 M 7 981 M 7 981 M
EV / Sales 2020 5,97x
EV / Sales 2021 5,77x
Nbr of Employees 10 730
Free-Float 74,5%
Chart GCL-POLY ENERGY HOLDINGS LIMITED
Duration : Period :
GCL-Poly Energy Holdings Limited Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends GCL-POLY ENERGY HOLDINGS LIMITED
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 8
Average target price 0,54 CNY
Last Close Price 2,06 CNY
Spread / Highest target -22,9%
Spread / Average Target -73,8%
Spread / Lowest Target -93,0%
EPS Revisions
Managers and Directors
NameTitle
Zhan Jun Zhu CEO, Executive Director & Executive President
Gong Shan Zhu Chairman
Man Chung Yeung CFO, Secretary & Executive Director
Yu Feng Zhu Executive Director
Tai Him Yip Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
GCL-POLY ENERGY HOLDINGS LIMITED108.94%8 562
TONGWEI CO.,LTD15.24%31 909
ENPHASE ENERGY, INC.6.76%23 667
SOLAREDGE TECHNOLOGIES, INC.-7.03%15 193
SUNRUN INC.9.12%14 955
FLAT GLASS GROUP CO., LTD.3.06%11 883