Progress on major issues and to continue
the suspension announcement
The company and all the members of the
Board to ensure that the information disclosed is true, accurate and complete,
not false or misleading statements or material omissions.
Shanghai Chaori Solar Energy Technology
Co., Ltd. (hereinafter referred to as the "Company"), a result of the
major issues to be disclosed by the applicant company stock, according to the
Shenzhen Stock Exchange Listing Rules "and the relevant provisions of the
SME board listed companies standardize operational guidelines" and bonds
from the suspension of trading on December 20, 2012.
The various departments of the company is
now actively implement the related work, the progress of the relevant matters
are described below:
1, more companies outside the power station
assets and receivables, Nikai Lu, chairman of being outside the collection of
receivables and discuss related issues such as the disposal of assets outside
the current normal performance of their duties.
2, in order to strengthen the company's
management, and timely processing companies are facing emergency affairs, Nikai
Lu resigned as general manager duties and nominated Zhang Yuxin (Nikai Lu's
son-in-law) office general manager, the the the thirty fourth meeting of the
second session of the Board of Directors passed the nomination motion.
By the photovoltaic industry overall
downturn affect the current Chaori Jiujiang, Chaori Luoyang production line,
Methodist snow solar component production line headquarters solar
cell production line is to suspend production of the state, two production lines in
the normal production headquarters components six production lines , the
company's business is still in running.
As of the date of this announcement, the
company has 380 million yuan of bank borrowings overdue, the company is
currently in consultation with the relevant banks extended, subject to renewal
and other matters;
5 As of the date of this announcement,
there are three suppliers proceedings due to the payment settled matters involving
the purchase price of about $ 90 million, the company is in consultation with
suppliers repayment matters.
The main reason for the company in trouble
as follows:
1, due to the financial crisis, the debt
crisis, the global economy remains in the doldrums, the adjustment of trade
protection policy of the United States
and Europe for the photovoltaic industry and
subsidy policies, the Chinese photovoltaic industry and operations difficult.
2, the rapid expansion of the domestic
photovoltaic industry is serious excess capacity.
3, the photovoltaic industry in trouble,
domestic banks PV will be included in the focus on industry, monetary
tightening, increase loan collection efforts, corporate financing channels has
been extremely limited.
4, the Corporation power plant increased
industrial investment, construction funds occupy the liquidity risk
highlighted.
The company is currently facing
difficulties, all the members of the Board of Directors of the Company to
remain at their posts, earnestly perform their duties, and positive action,
with the company tide over the difficulties.
Currently, the company is working with the
parties to actively communicate with multi-running, strive to help and support
the local city, district, town government departments at all levels actively
coordinate emergency deployment, set the power of the parties to resolve the
risk; same time, the company is fully Overdue receivables receivable, disposal
of power plant assets, in order to return the funds as soon as possible, the
company has gradually returned to normal production and operation, trying to solar panel maintain the majority of investors interests. We urge the banks, suppliers,
creditors and other stakeholders will continue to actively support, to help the
company out of the woods.
Avoid company stock (securities referred to
as the "Ultra-day sun", stock code "002506") and bonds
(securities referred to "11 Japanese debt" to protect the interests
of investors, there are other important matters that need to continue to verify
the Securities code "112061") price volatility, stocks and bonds by
the applicant company will continue to suspend, resume trading after the
pending matters related to disclosure, drew the majority of investors of
investment risks.
Notice is hereby given.
The Shanghai
December 28, 2012
Securities code: 002 506 securities
referred to: Ultra-day sun Bulletin No. :2012-132
Shanghai Chaori Solar Energy Technology
Co., Ltd.
Announcement of the resignation of the general
manager of the company
The company and all the members of the
Board to ensure that the information disclosed is true, accurate and complete,
not false or misleading statements or material omissions.
Shanghai Chaori Solar Energy Technology
Co., Ltd. (hereinafter referred to as the "Company") The Board
received the application for resignation of the chairman and managing director
Mr. Nikai Lu's.
Lead to high accounts receivable due to the
photovoltaic industry remains in the doldrums, the company transformation
station business. Improving corporate cash flow to strengthen the recovery of
receivables,, Nikai Lu led the company to Mr. receivables collection team
Dunning receivables, and will be continued in the next time in Europe, the United States
Mr. Nikai Lu Taking into account the above
situation may be caused its effective implementation of the general manager
duties to a certain extent affect resigned as general manager duties in order to
ensure the company's day-to-day operation of the production and operation,
application to the Board the nomination of his son-in-law, Mr. Zhang Yuxin
served as general manager, the timely processing of facing the emergency
services.
Nikai Lu President to resign from the
position of general manager, remains as the company's chairman of the board,
executive chairman duties related to the work of the organization's Board of
Directors of the Company, faithfully and diligently for the development of the
company, and will not impact the major decisions of the company management. The
Nikai Lu Mr. resignation take effect from the date of served on the board of
directors.
The company was held on December 26, 2012,
the thirty-fourth meeting of the second session of the Board to consider the
post as the company's general manager by the appointment of Mr. Zhang Yuxin.
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