Energy Fund under Ping An Subscribes for RMB1 Billion Convertible Bonds Issued by United PV

Hong Kong, China, 30 December 2014 - 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 entered into an investment agreement (“Cooperation Agreement”) with Chinastone Capital Management Limited (“Chinastone”), the manager of Taoshi Energy Equity Investment Fund (“Taoshi Fund”) under Ping An Insurance (Group) Company of China, Ltd. ("Ping An", 02318.HK, 601318.SH), to jointly acquire solar power plants. 

Pursuant to the Cooperation Agreement, Chinastone will subscribe for the 7.5% three-year convertible bonds in the principal amount of RMB1 billion (equivalent to approximately HK$1.26 billion) issued by the Company, at the conversion price of HK$1.03. The proceeds from which will be used to acquire a 300MW solar power plant project.

Chinastone is a Chinese equity investment management company specialized in the investment in the energy sector. As a joint venture founded by Ping An, one of the largest insurance companies in China, and San Shan (HK) Limited in 2010 with its headquarter in Shanghai, Chinastone is the largest energy equity investment fund in China and the manager of Taoshi Fund funded by Ping An with assets of approximately RMB10 billion.

The subscription marks the recognition of United PV from the insurance sector and professional equity investment funds. The support from bank financial capital and insurance funds on solar power plant assets will be beneficial to the comprehensive promotion of new energy. This, in turn, enables the public to get involved in the green environmental protection industry via a variety of means including wealth management, and creates “APEC Blue” with the concerted efforts from all walks of the community.