On May 30, Ginlong Technologies Co., Ltd. issued an announcement regarding the transfer of its wholly-owned project subsidiaries involved in fundraising projects. The company will transfer its holdings in 24 photovoltaic project subsidiaries along with photovoltaic system equipment for a total transaction price of CNY394.3995 million. Preliminary estimates indicate that this transaction is expected to generate a pre-tax profit of approximately CNY4.8383 million.
Ginlong Technologies' wholly-owned subsidiary, Ningbo Ginlong Smart Energy Co., Ltd. (referred to as "Ginlong Smart"), and Zhejiang Haisu Information Technology Service Co., Ltd. (referred to as "Zhejiang Haisu," a wholly-owned subsidiary of Ginlong Smart) plan to consolidate the photovoltaic system equipment of 24 wholly-owned project subsidiaries and transfer them to Ginlong Smart. Simultaneously, 100% equity in these wholly-owned project subsidiaries will be transferred to Hubei Hanyuan New Energy Co., Ltd. (referred to as "Hubei Hanyuan") for a total price of CNY179.9612 million.
After the completion of the industrial and commercial registration (equity change) procedures for these wholly-owned project subsidiaries, Ginlong Smart will transfer all photovoltaic system equipment acquired from the 24 wholly-owned project subsidiaries to a subsidiary of Hubei Financial Leasing Co., Ltd. (referred to as "Hubei Financial Leasing"). The total contract price will not exceed CNY214.4383 million (including taxes).
This transaction involves photovoltaic power stations with a grid-connected installed capacity of approximately 62.26 MW. The power stations are located in Guangdong Province, Fujian Province, Anhui Province, and Hubei Province, and all have achieved grid-connected operation.
Ginlong Technologies stated that since 2019, the company has established its wholly-owned subsidiary, Ginlong Smart, to engage in new energy power generation operations and residential photovoltaic power generation system businesses. This includes the development, construction, and operation of solar photovoltaic power stations, serving as an important supplement to the company's photovoltaic inverter business and enabling diversified business expansion and industrial chain extension.
Investing in and constructing photovoltaic power stations is a capital-intensive and asset-heavy industry characterized by high fixed-asset investment. Therefore, in the process of developing, constructing, and operating solar photovoltaic power stations, the company adopts a rolling development business strategy. Based on actual operational needs, the company can either hold and operate photovoltaic power stations to generate stable power generation income or sell them at opportune times to realize returns, recover capital, control the overall scale of photovoltaic power station assets, improve capital utilization efficiency, optimize asset structure and operational efficiency, and reduce financial risks.
Through this transaction, the company significantly shortens the project investment realization cycle, strengthens working capital, accelerates asset turnover efficiency, optimizes asset structure, and enhances the company's risk resilience and competitiveness.
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