Hong Kong, China, 29 April 2015 - United Photovoltaics Group Limited (“United PV” or the “Company”, stock code: 00686.HK, whose largest shareholder is China Merchants New Energy Group “CMNE”), a leading solar power plant investor and operator in China, is pleased to announce today that, the Company completed the issue of convertible bonds to Golden Express Capital Ltd. (“Golden Express”), a direct wholly owned subsidiary of China Orient Asset Management (International) Holding Limited (“COAMI”).

Pursuant to the subscription agreement, United PV issued 7.5% three-year convertible bonds to Golden Express in the principal amount of US$30 million. The initial conversion price is HK$1.03 per conversion share. The proceeds from which will be used to acquire a 50MW solar power plant project.

COAMI is a wholly-owned subsidiary of China Orient Asset Management Corporation (‘‘COAMC’’) under the Ministry of Finance of China. As a solely state-owned non-banking financial institution approved by the State Council of China and the People’s Bank of China, COAMC is principally engaged in the asset investment business.

Mr. Zhenwei LU, Executive Director of United PV, said: “COAMC’s subscription is a clear vote of state-owned financial institutions’ support and recognition in our business development and provided us with confidence in further exploration in the segment. On United PV’s platform, COAMC, as a state owned leading financial enterprise, will achieve a win-win situation of both solar power plant operator and financial institutions. The cooperation between two parties will lower the transaction cost and enhance the value and competitiveness of both sides. We firmly believe that the giant cash flow generated by the cooperation with leading financial institutions will accelerate the Company’s acquisition and enlarge the scale of the Company.”