Hong Kong, China, 9 July 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, announced today the Company received notice from CMNE on 9 July 2015 that due to recent unusual fluctuations of the stock markets of China and Hong Kong, United PV’s stock price has crossed below its value. Being a responsible largest shareholder, CMNE increased its stake in United PV during this unusual stock market fluctuation period, to stabilize the Company’s stock value.

CMNE increased its stake in United PV to 6,306,000 shares, with an average price of HK$0.87.

As the largest shareholder, CMNE will continue to enhance the corporate value of its listed company. It will continue to support and accelerate United PV’s plan in mergers and acquisitions and thus the process of injecting investment capital to establish high quality solar power plants. CMNE targets to expand the business structure and strengthen the corporate value of United PV through the implementation of enhanced management system, well captured market opportunity and shareholding increment, so as to maximize returns for shareholders. 

Despite the fluctuation of Hong Kong’s stock market caused by the macro-environment, CMNE is positive towards United PV’s future development and revenue growth, given its low price earnings ratio, high margin of safety and strong cash position. It is believed that the gradual growth environment of this listed company has given its shareholders a precious opportunity to raise their stakes for better returns.

Upon completion of the increase in shareholdings, CMNE might seek to further increase its stake in United PV through a number of ways going through the Hong Kong Exchanges and Clearing Limited.