GCL SI to Inject 1.129 Billion Yuan Into Its Hefei Subsidiary for 15GW Solar Module Project

PVTIME – GCL System Integration Technology Co., Ltd. (GCLSI)(002506.SZ), announced on August 8 that the company and Suzhou GCL SI, a wholly-owned subsidiary of GCL SI, intends to transfer the 100% equity of Jurong GCL and 100% of Leshan GCL to Hefei GCL Integrated New Energy Technology Co., Ltd. (Hefei GCL) for capital increase.

Meanwhile, the funds raised for 15GW solar module project of Hefei GCL will be injected into Hefei GCL.

With above capital increase, a total of 1,129.04 million yuan, accounting for 49.93% of the company’s latest audited net assets, will be pumped into Hefei GCL, then the registered capital of Hefei GCL will increase from 800 million yuan to 1,929.04 million yuan. 

According to the announcement, the company expects to concentrate its resources to build a Hefei GCL-centered mega manufacturing hub by increasing the capital of Hefei GCL and transferring Leshan GCL and Jurong GCL to Hefei. The company plans to further increase its production capacity for large-size solar module and cells to improve its production structure, enhancing its capability of competitiveness as well as anti-risk, which is in line with the common interests of the company and all shareholders.