Hong Kong, China, 7 May 2015 - United Photovoltaics Group Limited (“United PV” or the “Company”, stock code: 00686.HK) announced today that, the Company and BC Global Asset Management Limited (“BC Capital”), entered into a term sheet, pursuant to which United PV issues US$50 million convertible bonds to BC Capital to jointly acquire solar power plants.

Pursuant to the term sheet, BC Capital will subscribe for the 7% three-year convertible bonds in the principal amount of US$50 million issued by the Company, at the conversion price of HK$1.33. The proceeds from which will be used to finance the acquisition of solar power plants in China. Prior to this, United PV has issued a total of over HK$2.7 billion convertible bonds to China Orient Asset Management Corporation, Fosun International, Ping An Insurance, China Merchants Fund and China Huarong.

BC Global Asset Management Limited is a subsidiary of BC Capital Management Group co-founded by Mr. SUN Xinrong, former CEO of Hong Kong branch of Industrial and Commercial Bank of China, along with some of the founding members of Alibaba Group. With a focus on the industries such as energy saving, clean energy, health care service and financial service, BC Capital is an asset management company principally engaged in private securities investment, equity management and venture capital management.

United PV believes that the cooperation with BC Capital will bring very positive impacts on boosting the acquisitions of its solar power plants and increasing its electricity generation volume. The financing cooperation is another milestone following China Huarong’s subscription of USD$100 million convertible bonds of the Company, signifying the capital market’s recognition to the Company.

In addition, with a professional asset management team and a founding team with diverse backgrounds, BC Capital will foster the Company’s strategic web development for exploring financing opportunities to combine internet and new energy in China and will provide financial and technical supports.

United PV is a leading solar power plant investor and operator in China, whose largest shareholder is China Merchants New Energy Group, with a solar power plant network covering Qinghai, Gansu, Inner Mongolia, Xinjiang, Jiangsu, Fujian, Guangdong, etc.