Xinjiang GCL New Energy Materials Technology Co., Ltd. announced that it expects to receive CNY 1.48 billion in funding from Tianjin Zhonghuan Semiconductor Co., Ltd., Jiangsu Zhongneng Polysilicon Technology Development Co., Ltd.
June 29, 2017
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Xinjiang GCL New Energy Materials Technology Co., Ltd. announced that it signed share subscription agreement for gross proceeds of CNY 1,480,000,000 on June 30, 2017. The transaction will include participation from returning investor Jiangsu Zhongneng Polysilicon Technology Development Co., Ltd. for CNY 1,330,000,000 and new investor Tianjin Zhonghuan Semiconductor Co., Ltd. for CNY 150,000,000 to hold 90% and 10% stake in the company after the transaction. The transaction will take place in two tranche to be completed by July 31, 2017 and September 30, 2017. Jiangsu Zhongneng Polysilicon Technology Development Co., Ltd. will invest CNY 435,000,000 in the first tranche and CNY 895,000,000 in the second tranche. Tianjin Zhonghuan Semiconductor Co., Ltd. will invest CNY 45,000,000 in the first tranche and CNY 105,000,000 in the second tranche. Jiangsu Zhongneng Polysilicon Technology Development Co., Ltd. will invest CNY 50,000,000 in the first tranche in the form of intellectual property. The registered capital of the company will increase from CNY 20,000,000 to CNY 1,500,000,000. Jiangsu Zhongneng Polysilicon Technology Development Co., Ltd. and Tianjin Zhonghuan Semiconductor Co., Ltd. will nominate four and one director to the company’s board respectively. The shares subscribed by Tianjin Zhonghuan Semiconductor Co., Ltd. will have a lock up period of four years.
Tianjin Zhonghuan Semiconductor Co., Ltd. (TJSEMI) specializes in the manufacturing and marketing of integrated semiconductor devices for solar energy saving industry. Net sales break down by activity as follows:
- manufacturing of semiconductor materials used in the renewable energy industry (91.1%): monocrystalline silicon wafers, photovoltaic cells, solar modules, etc. used in photovoltaic power generation facilities, new energy electric vehicles, wind inverters and smart transmission networks;
- manufacturing of semiconductors for the consumer electronics industry (8%);
- services (0.1%);
-other (0.8%).
China accounts for 75.3% of net sales.
Xinjiang GCL New Energy Materials Technology Co., Ltd. announced that it expects to receive CNY 1.48 billion in funding from Tianjin Zhonghuan Semiconductor Co., Ltd., Jiangsu Zhongneng Polysilicon Technology Development Co., Ltd.
TCL ZHONGHUAN RENEWABLE ENERGY TECHNOLOGY CO.,LTD. 
