PVTIME – Xinte Energy Co., Ltd. (hereinafter referred to as “Xinte New Energy” or the “Company”) announced that it entered into a subscription agreement with TBEA on August 5, 2021 (before the trading hours).
According to the announcement, TBEA has conditionally agreed to subscribe to 167,304,874 domestic Xinte New Energy shares at a subscription price of RMB 13.73 per share, for a total of approximately RMB 2.297 billion yuan.
Xinte New Energy intends to use the proceeds from the subscription of TBEA for the following purposes: 87.22% (or RMB 2 billion) of the net proceeds will be for the construction of a 100,000MT polysilicon project in Inner Mongolia, and approximately 12.78% (or RMB 293 million) of the net proceeds (after deduction of related costs) will be used to supplement the development of wind power and photovoltaic resources by increasing capital to Xinjiang New Energy.
