Singyes Solar changes company name
- Singyes is willing to bring its unsuccessful 2-year-long period to an end. The solar manufacturer and developer now belongs to Shuifa Group, and is going to rename the company correspondingly.
Singyes Solar, China’s BIPV maker and photovoltaic project developer, changes the name, trying to close the unfavorable 2-year period.
During the boom of Chinese solar market, the HKEx-listed firm used to ride the wave of subsidy-supported generation capacity development, however the situation changed drastically after Beijing had decided to cease control of public solar subsidies.
Not long ago, Shuifa Group’s unit, Water Development, has bailed out Singyes with 198m USD. As a result, the BIPV manufacturer can negotiate debt restructuring with holders of nearly 430m USD of defaulted convertible debts and senior securities.
On December 6, the reorganized firm revealed its plan to gather an emergency general meeting. The meeting will be called for voting on a proposed new company name – China Shuifa Singyes Energy Holdings Limited.
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