Shunfeng International Clean Energy Enters MOU to Sell Solar Manufacturing Business
Continues focusing on solar power generation, solar project solutions and the new EMC business
HONG KONG, June 1, 2016 /PRNewswire/ -- Shunfeng International Clean Energy Limited ("SFCE" or the ''Company'', Stock Code : 1165.hk), a leading integrated clean energy solutions provider, announced that the Company has entered into a non-legally binding memorandum of understanding with Asia-Pacific (China) Investment Management Ltd. in relation to the possible sale of the 100% equity interests in Jiangsu Shunfeng Photovoltaic Technology Company Limited ("Jiangsu Shunfeng") at a cash consideration of approximately RMB 5 billion yuan.
Jiangsu Shunfeng, a company incorporated in the People's Republic of China (the ''PRC''), is a wholly owned subsidiary of SFCE and operates the Company's business in solar projects manufacturing and sales. Asia-Pacific (China) Investment Management Ltd. is a company 100% owned by Mr. Kin Ming Cheng, who is also a substantial shareholder of SFCE.
"We are very delighted to enter a MOU with Asia-Pacific (China) Investment Management Ltd.," says Eric Luo, SFCE Executive Director and CEO. "Since 2015, SFCE is driving a strategic transition with the core focus being shifted from heavy-asset based manufacturing business to light-asset based service business. The Company will continue its business on the solar power generation, solar projects development, EPC and O&M, while proactively explore and expand energy management contracting business and other clean energy technologies and applications, include LED lightings. We are firmly committed to transforming SFCE into a world's leading integrated clean energy solutions provider."
About SFCE
Shunfeng International Clean Energy Limited (SFCE) is committed to becoming the world's leading integrated clean energy solutions provider. As a result of strategic acquisitions and integration, SFCE owns a number of well-known product and technology brands across the industry. SFCE fosters continuous improvement in energy generation, energy management and energy application. SFCE aims to provide clean energy solutions to large scale public facilities and commercial users including shopping malls, data centers, hotels, public buildings, manufacturing facilities, office buildings, schools, hospitals, sports complexes and households. SFCE's energy solutions can achieve energy cost reductions of 50% to 70%, creating energy generation choices for its customers that reduce both carbon emissions and energy costs.
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