PVTIME – On 31 October 2024, Suzhou MedicalSystem Technology Co., Ltd.(MedicalSystem, 603990.SH), a Chinese national high-tech enterprise engaged in clinical informatics and digital hospital solutions, announced that it will transfer 100% of the equity of one of its wholly-owned subsidiaries named Xinhao New Energy to its holding company, Mianyang Construction and Investment Company, and stop the solar cell production project initiated by Xinhao New Energy.
In February 2023, this particular solar cell project was signed by Xinhao New Energy to build a 9GW high-efficiency monocrystalline solar cell smart factory in Mianyang City, Sichuan Province of China, with a total investment of approximately 1.862 billion yuan. As of 28 October 2024, a total of 191,612,000 yuan has been invested in the project, and the purchase and installation of equipment to achieve 9GW production capacity has been substantially completed. With the plant in operation, the products have been produced and sold. All these facilities and products will be transferred from Xinhao New Energy to the Target Company.
MedicalSystem claims that the low prices of solar products and many other factors have led to a large loss of Xinhao New Energy, so it will divest this loss-making photovoltaic cell business. MedicalSystem will then focus on the medical information technology and medical services business. The company expects to recover capital, which is conducive to improving the company’s financial situation, optimising the allocation of resources, enhancing the company’s future profitability and strengthening the listed company’s sustainable operating ability.
In 2022, 2023 and from January to August 2024, Xinhao New Energy achieved net profit attributable to equity holders of the parent of -4.6343 million yuan, -290 million yuan and -156 million yuan respectively.
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