On June 21, Haitong Group (600537) announced that it planed to replace all asses and liabilities (except the six million stocks) with 100% equity stake of Changzhou EGing Photovoltaic Technology Co., Ltd.

After completion of the transaction, EGing PV will go listed through Haitong Group. And Haitong Group will change its business from fruit and vegetable processing into production and sales of silicon rods, silicon cutting, solar cell and battery components.

Located in Jintan, EGing PV was founded in May 2003 with registered capital of 359 million yuan, mainly engaged in production and sales of monocrystalline silicon, monocrystalline silicon (polysilicon) films, solar cells and solar modules. As of the end of April this year, total assets of EGing PV reached 4.474 billion yuan, including operating income of 1.433 billion yuan, net profit of 282 million yuan.

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