Longi Green Energy restructures subsidiaries, shifts project focus

Longi Green Energy Technology Co., Ltd. is restructuring its subsidiaries, with its wholly-owned subsidiary, Longi Leye Photovoltaic Technology Co., Ltd. (Longi Leye), absorbing another wholly-owned subsidiary, Shaanxi Longi Leye Photovoltaic Technology Co., Ltd. (Shaanxi Leye). This restructuring will change the implementing entity of a fundraising project initially backed by a RMB 5 billion convertible bond issued in 2020. Specifically, the "5GW monocrystalline cell project" will now be implemented by Longi Leye and Ningxia Longi Photovoltaic Technology Co., Ltd., instead of Shaanxi Leye and Ningxia Longi. Following the merger, all of Shaanxi Leye’s assets, liabilities, personnel, and businesses will be transferred to a newly established branch of Longi Leye. As of October 31, 2024, RMB 322.92 million of the raised funds remained in designated accounts. The restructuring aims to streamline operations and improve management efficiency. The move is not expected to significantly impact Longi Green Energy’s financial status or business development.