Hareon solar construction Commission is still investigating

Polaris solar PV net news: the left hand proposed “10 to 20” disproportionately high dividend and transfer of right hand heavy cash holdings, then dumped out huge loss of 800 million yuan of “bomb”, hareon solar waves of public opinion and its major shareholders have finally produced the defence bulletin, SSE explained asking several questions one by one. However, the Commission decided on the “suspected of violation of information disclosure” investigation of hareon, “related subjects” have also been “hareon shareholder proposal high before and after the transfer of insider trading” was verifiable.

Talk about huge losses highlight the “policy implications”

Hareon, starting this month, today finally resumed, the company also took out to the market several “rich content” announcement. Firstly, regarding the SSE had letters of inquiry, hareon makes a detailed explanation.

According to the announcement, hareon 2014 annual deficit of 800 million Yuan, mainly caused by a sharp loss of 750 million yuan in the four quarter. Main factors explained are 3:4 quarter of negative gross margin of 20 million Yuan, mainly due to the company prior to the sale of three power plant projects will be “reversed”, confirmed gross margin of around 65 million dollars in the first half of last year rushed back, four quarter of negative gross margin ; Four quarter three items costs chain more 170 million Yuan, which financial costs increased about 74 million Yuan, main Department will has capital of of interest spending costs of, management costs high out 76 million Yuan, main Department increased development project inputs; assets reduction value 350 million Yuan, is because on back paragraph risk larger of customer meter mention has bad prepared, while on individual grid time than expected late, and exists abandoned wind abandoned electric area of station and according to national policy exists must risk of station meter mention reduction value 166 million.

Sea run PV also in bulletin in the stressed has its giant lost of policy factors: according to national energy Council 2014 second half of introduced of “has handle record procedures of project of investment subject in project production zhiqian, without record organ agreed, shall not unauthorized will project transfer to other investment subject” policy limit, said the policy effects has company station project of income confirmed mode, delay has project sold progress, reduced has Dang period profit.

Major shareholders are claimed to “post foresight (Finance Court)”

Investors are more concerned about performance ahead of news of huge losses if never safe, major shareholders and executives of the company ahead of “precision” underweight as explanation.

Just before the January 30 announcement of the company losses of 800 million Yuan, the three biggest shareholders of Jiangsu Jiangyin jiurun pipe industry and Chairman of zijin electronics, Huai Yang into the sharp reduction of billions of dollars. In addition, the company TMT holdings is no mercy, reduction of Directors, Zhang Yongxin, Deputy Chief of 784,000 shares, Vice President Zhou Yike total holdings of 543,000 shares, Vice President WILSONRAYMONDPAUL holdings of nearly 1.1 million shares, Vice President Hao Dongling reducing 683,000 shares.

In response, Yang Huaijin, jiurun pipe industry and the purple e-the three major shareholders said underweighted in stocks and was not aware of companies in 2014 when the proposed programme to increase performance, while members of the company’s Board of Directors agreed to transfer programs are not aware the company performance. Its specific expressed for: shareholders by proposed high sent turned of pre disclosure day for January 23, but January 22 sea run PV financial sector has preliminary completed each home subsidiary report summary, to 24th merged offset formed first draft of merged report, company Chairman Huai Yang into is is January 26 through Deputy President Zhang Yongxin of reported, understanding to sea run PV 2014 years performance of related situation; other directors are Yu January 30 4:30 P.M. around through mail way understanding to this a situation. It is these days “time difference” for Director (and former Chairman) as its eastward on January 27, 28th rushed jiurun pipe industry holdings of about 78 million shares, state that sell quickly is obvious.

Hareon though notices “justified”, but this is a sucker for the pace of regulatory investigations. According to the announcement, the company has received on February 13, the Commission of the notice of investigation, company for alleged disclosure violations have been the securities regulatory Bureau of Jiangsu province to initiate an investigation, if the investigation hit a major disclosure violations, companies will face suspension or termination of the listed risks. Meanwhile, securities regulators have proposed higher dividend and transfer of the main shareholders in the company Insider transaction start before and after verification.

Power station in Inner Mongolia by the Jiangsu kuangda took over

Just ahead of the resumption of, hareon bulletin released “good news”: Sung Kwang Electric Co subsidiary of Guo xuebo Hin (hereinafter “the company”) 100% equity by Jiangsu kuangda owned subsidiary Quantm power investment of 300 million acquisitions, marked the company’s main assets are tongliao, Inner Mongolia Xin sheng 100MW PV power station projects.

This seemingly hareon solar have accounted for huge amounts of money, but most of them will vote for the target company. According to the bulletin: party a (hareon) is committed within 10 working days of the entry into force of this framework agreement (no later than February 28) with its own capital will mark the company’s registered capital increased to 250 million Yuan, and promised to increase funding and replenishment of funding pledged to the Party (kuangda investment in power). And 250 million Yuan was from advance: after party a party b should be mutually agreed conditions are met within the 2nd payment of advance payment of 250 million dollars of the company’s trading. Why the company is so short of money? It was revealed that it still has outstanding debts of about 660 million dollars. In addition, according to the Jiangsu kuangda announcements, as at December 31, 2014, subject of the company’s total assets of 959 million dollars, owners ‘ equity, just less than 1 million Yuan, high debt ratio of can be seen.

In addition, according to reporter inquiries, company with registered capital of 1 million dollars, on February 13 (that is, the date of this bulletin) all pledge to the broad-minded power investment.

Original title: mutual hareon SFC is still involved in the investigation

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