Zhao Zhengya, Shi Jianmin offload 17.58% stake in Shunfeng Photovoltaic
Dec 19, 2012 - Chinese solar equipment maker Shunfeng Photovoltaic International Ltd (HKG:1165) today said that indirect shareholder Zhao Zhengya and executive director Shi Jianmin had sold their 17.58% stake in the company to British Virgin Islands-based Triocean Investments Ltd.
The 17.58% stake was held by Endless Rocket International Ltd, which Zhengya and Jianmin sold to Triocean Investments. The two shareholders in Triocean Investments are Lam Chit Wing with a 48% holding and Zhang Ying with a 52% share.
After the transaction is completed, Zhengya will no longer be a substantial shareholder of Shunfeng, while Wing and Ying will become substantial shareholders in the company through Triocean Investments.
This comes after last week Tang Guoqiang, an executive director, took a stake of around 14.50% in the company through Coherent Gallery International Ltd, which was previously owned by Gu Jiajin.
Shunfeng's board of directors does not expect the deal to affect significantly the company's operations and management structure.