Drinda Closes Acquisition of Jietai Technology, a Leader in PV Cell Manufacture

PVTIME – Hainan Drinda Automotive Trim Co., Ltd. (hereinafter referred to as Drinda) (002865.SZ), a China-based company develops, produces, and sells plastic interior and exterior auto parts, announced on August 1st that it has successfully closed the all-stock transaction to acquire Shangrao Jietai New Energy Technology Co., Ltd. (hereinafter referred to as Jietai Technology).

The announcement shows that Drinda has acquired 33.97% equity of Jietai Technology held by Hongfu Photovoltaic through Jiangxi Industrial Exchange by cash, with a transaction amount of 1.053 billion yuan, since it acquired 51% shares in Jietai Technology for 1.434 billion yuan in July 2021. Later, 15.03% equity of Jietai Technology held by Supor Group was acquired by Drinda with a transaction amount of 466 million yuan. Then Jietai Technology became a wholly-owned subsidiary of Drinda. And the transaction price corresponds to a 100% equity valuation of the target company was 3.1 billion yuan.

Jietai New Energy is one of the most advanced solar photovoltaic cell manufacturers in China, with a current annual production capacity of about 8.2GW, ranking among the top five independent solar cell manufacturers listed on A-shares in terms of production capacity.

Drinda would like to further develop its PV business, enhancing its operation capacity, and reducing relevant risks. The net profit attributable to shareholders of the parent company of the listed company is expected to be further increased, and the business scale and profitability of the listed company will be improved.