Shunfeng PV proposes 3rd version for new name

Aug 29, 2014 - China-based Shunfeng Photovoltaic International Ltd (HKG:1165) said yesterday its board of directors has proposes that the company changed its name to Shunfeng International Clean Energy Ltd.

Shunfeng started its shift from solar product manufacturing in 2013 and is now a fully-integrated solar company, which operates in both the upstream and downstream solar segments. It explained that the proposed name change would better reflect its strategy to expand in the power storage and other renewable energy sectors and will provide it with a new corporate image.

This is the firm’s third version of a new name, following Sunfu International Ltd and Shunfeng International Ltd, which were proposed earlier this year. The name change has to be approved by the company’s shareholders and registrar of companies in the Cayman Islands.

Shunfeng PV returned to a net profit of CNY 503.9 million (USD 82m/EUR 62.2m) in the first half of 2014 thanks to its expansion into solar power generation and the acquisition of a major solar manufacturer in China -- Wuxi Suntech. Its revenues jumped by 608.2% year-on-year to CNY 2.95 billion as photovoltaic (PV) product shipments surged.

(CNY 1 = USD 0.163/EUR 0.124)

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