Lian Sheng Technology has announced its restructuring plan on April 21, aimed at expanding into the downstream “photovoltaic + energy storage” and smart microgrid sectors through the acquisition of Xingchu Century. The company’s stock will resume trading starting April 21. According to the documents released, Lian Sheng Technology intends to acquire a total of 69.71% of Xingchu Century’s shares from 38 transaction counterparts, including Zigong Jinma Industrial Investment, Fuzhou Digital New Infrastructure Industrial Investment Partnership (Limited Partnership), and Qingchuang Bolong Duhai (Qingdao) Equity Investment Partnership (Limited Partnership), by issuing shares and paying cash.
Additionally, the listed company plans to issue shares to its controlling shareholder, Hainan Lian Sheng, to raise supporting funds. This transaction is expected to constitute a major asset restructuring. Lian Sheng Technology has stated that both the company and Xingchu Century are in the same industry, which presents significant synergy potential. After acquiring control of Xingchu Century, the company aims to enhance its investment in the photovoltaic high-efficiency heterojunction technology (HJT) supply chain and seize opportunities in the integrated photovoltaic storage market.
This acquisition will allow Lian Sheng Technology to strengthen the complementary nature of its upstream and downstream businesses in photovoltaic cells, energy storage systems, and photovoltaic power stations, thereby achieving synergy in the integrated photovoltaic storage business. Furthermore, HJT technology, recognized as the third generation of photovoltaic cell technology that is self-controllable, combined with Xingchu Century’s microgrid solutions and new-generation sodium-ion battery technology, will facilitate the integration and empowerment of new technologies across various segments of the supply chain.
In this transaction, Lian Sheng Technology’s controlling shareholder intends to consolidate its control over the listed company by subscribing to the supporting funding, and the issuance of shares and payment for assets are interdependent components of this transaction. If either part fails to be implemented for any reason, the other will not proceed, ensuring that the company’s control remains unchanged. According to the regulations of the restructuring management measures, this transaction does not constitute a restructuring listing.
Currently, Lian Sheng Technology specializes in the research, production, and sales of HJT solar cells and has become a significant player in the HJT sector. Established in 2007, Xingchu Century focuses on photovoltaic power generation and the development, production, and sales of related smart microgrid products. The company is committed to creating an integrated strategy for “photovoltaic + energy storage,” with a clientele that includes both international and domestic grid companies, governments, and residential/commercial energy storage clients. With nearly 20 years of industry experience, Xingchu Century has developed robust sales channels in over 30 countries and regions worldwide.
The company’s operations cover investment, construction, operation management, and electricity sales in photovoltaic projects, focusing on centralized photovoltaic power stations, distributed stations, and off-grid photovoltaic energy storage maintenance across various regions, including Gansu and Sichuan in China, as well as Pakistan, Europe, Africa, and Southeast Asia. In the smart microgrid sector, Xingchu Century offers a range of products, including energy storage solutions and control inverters.
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