Hong Kong, China, 14 May 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 will issue convertible bonds to Shenzhen China Merchants Yinke Investment Management Limited (“CM Yinke”) under China Merchants Capital Investment Co., Ltd (“CM Capital”) to jointly acquire solar power plants in China.

Pursuant to the term sheet, CM Yinke will subscribe for the 6.75% three-year convertible bonds in the principal amount of US$100 million issued by the Company, at the conversion price of HK$1.48. The proceeds from which will be used for the acquisition of solar power plants in China. CM Yinke is a subsidiary of CM Capital, principally engaged in equity interest investment, focusing in fields including green projects, renewable energy, new materials, etc.

Following the joint acquisition of solar power plant of China Yinke and United PV, this subscription is a major step deepening cooperation between both sides, marking the staunch support from sister companies under China Merchants Group on the Company’s project and capital. Following the Company’s issue of a total of over HK$3.3 billion convertible bonds to China Huarong, China Orient Asset Management, Fosun international, Chinastone and China Merchants Fund, this has given United PV another opportunity to collaborate with large financial institutions, signifying institutional investors’ recognition and confidence in the Company and the solar power industry. United PV has been leading the solar power industry leveraging on shareholders’ strong support. The subscription reinforced United PV’s strategic advantage in the industry. Looking ahead, United PV will actively cooperate with various financial partners to jointly explore a green investment model combining new energy business and finance.