Xinte Energy : VOLUNTARY ANNOUNCEMENT BUSINESS UPDATE
April 14, 2021 at 08:29 am EDT
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XINTE ENERGY CO., LTD.
新特能源股份有限公司
(A joint stock company incorporated in the People's Republic of China with limited liability)
(Stock code: 1799)
VOLUNTARY ANNOUNCEMENT
BUSINESS UPDATE
This announcement is made by the board of directors (the "Board") of Xinte Energy Co., Ltd. (the "Company", together with its subsidiaries, the "Group") on a voluntary basis to keep the shareholders and potential investors of the Company informed of the latest development of the Group.
In order to seize market opportunities, the Group intends to implement a technological transformation project for the existing polysilicon production line in Xinjiang (the "Project") to increase equipment production capacity of some bottleneck processes and increase the Group's polysilicon production, optimize product quality and reduce costs through technological innovation, process optimization and potential transformation. The construction period of the Project is 12 months. Upon completion, the Group's polysilicon production capacity in Xinjiang will be increased to 100,000 tonnes per annum. The investment amount of the Project is approximately RMB1.265 billion, which will be funded by the Group's self-owned funds and bank loans. The implementation of Project will be conducive to enhancing profitability and further strengthening the core competitiveness of the Group.
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As the Company's principal business activities include polysilicon production, and the Project is for the Group's ordinary and usual course of business, the Project does not constitute a notifiable transaction of the Company under Chapter 14 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules"). If any agreement entered into by the Company during the implementation of the Project shall be disclosed in accordance with the requirements of the Listing Rules, further announcement(s) will be published by the Company.
Shareholders and potential investors of the Company are advised to exercise caution when dealing in the shares of the Company.
By order of the Board
Xinte Energy Co., Ltd.
Zhang Jianxin
Chairman
Xinjiang, the PRC
14 April 2021
As at the date of this announcement, the Board of the Company consists of Mr. Zhang Jianxin, Mr. Yin Bo and Mr. Xia Jinjing as executive directors; Mr. Zhang Xin and Ms. Guo Junxiang as non-executive directors; and Mr. Qin Haiyan, Mr. Yang Deren and Mr. Wong, Yui Keung Marcellus as independent non-executive directors.
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Xinte Energy Co. Ltd. published this content on 14 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 April 2021 12:28:03 UTC.
Xinte Energy Co Ltd is a Hong Kong-based solar-grade polysilicon producer and PV project contractor. The Company primarily engaged in the upsteam and downstream segments of the PV industry. The Company mainly operates through five segments. The Polysilicon Production segment produces and sells solar grade polysilicon, the mian raw material for the manufacturing PV products. The Sales of Electricity segment operates a coal-fired power plant. The Engineering and Construction Contracting segment provides comprehensive energy solutions to PV and wind power projects, including engineering design, consultancy, construction, commissioning, as well as operations and maintenance. The Inverter Manufacturing segment manufactures and sells inverters. The PV Wafer and Module Manufacturing segment manufactures and sells PV wafers and PV modules.