Solargiga lands major long-term loan
Solargiga Energy Holdings Ltd (HK: 757), China’s top vertically integrated photovoltaic products manufacturer focusing on solar monocrystalline silicon ingots and wafers, said it has newly obtained a 220 million yuan, 14-year long-term loan from China Development Bank.
The new funding source will help Solargiga improve its financial structure, as well as giving it a competitive advantage in the fiercely competitive solar industry.
“Besides business development ability, funding issues remain the most important concerns for all photovoltaic companies around the globe, and steady support from bank loans is one of the conditions necessary to be a final winner amid the current state of the photovoltaic industry,” said Solargiga CEO and Executive Director Hsu You Yuan.
Solargiga recently completed a total cash capital increase of some 427 million hkd in around six months’ time to improve its financial structure.
“Amid persistent rumors of bankruptcies in the photovoltaic business, it is not easy to obtain long-term loans from large financial institutions.
“We believe Solargiga will be able to survive the fierce industry competition to finally enjoy healthy growth in the photovoltaic industry,” Mr. Hsu added.
Earlier this month, Japan’s Sharp signed a deal to purchase a new type of product from Solargiga -- 370 MW of solar modules – by end-2013.
Solargiga’s annual monocrystalline silicon solar ingot production capacity is 1.2GW; monocrystalline silicon solar wafer capacity is 900MW, while capacity for solar cells and modules is approximately 300MW and approximately 175MW, respectively. The Group operates its major production facilities for ingots, wafers, cells and modules in Jinzhou, Liaoning Province, with another solar ingot plant in Xining, Qinghai Province. Through capitalizing on its vertically-integrated business model, Solargiga aims to become a one-stop solutions provider for solar power plants in the industry.
Ming Fung, China Haidian ink retail & distribution MOU
Ming Fung Jewellery (HK: 860) said it and China Haidian (HK: 256) recently signed a Memorandum of Understanding (MOU) for the joint development of luxury jewelry, timepieces and other luxury consumer goods retail business across Greater China, with implementation targeted for September of this year.
Ming Fung proposes to sell the luxury consumer goods, which include the brands of Ming Fung and of other international luxury brands for which it is an authorized distributor, to China Haidian for distribution at retail outlets belonging to or operated by China Haidian.
According to the MOU, China Haidian shall be responsible for provision of the distribution networks, daily operations, staff employment and other management matters, as well as rental costs.
Ming Fung is poised to benefit from a much broader availability of its products in the region as China Haidan will open specialty stores spanning across Greater China for exclusive sale, marketing, distribution and promotion of jewelry products, timepieces and other luxury consumer goods.