(PRC, Hong Kong, 28 March 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, today announced that since the parties could not reach mutual consensus on certain conditions precedent of the proposed transaction, Untied PV will not acquire the solar power plants with aggregate installed capacity of approximately 100MW located in Hunan, China, from China Singyes Solar Technologies Holdings Limited.

Mr. Hung Chao Hong, SBS, JP (“Mr. Hung”) has resigned as the Honorary Chairman, with effect from 28 March 2014. The Board would like to express its sincere gratitude to Mr. Hung for his valuable contributions to the Company.