Longi Green Energy restructures subsidiaries, shifts project management

Longi Green Energy Technology Co., Ltd. (SSE: 601012) announced a restructuring plan involving the merger of two wholly-owned subsidiaries. Longi LeYe Photovoltaic Technology Co., Ltd. will absorb Shaanxi Longi LeYe Photovoltaic Technology Co., Ltd. The surviving entity, Longi LeYe, will assume all assets, liabilities, personnel, and operations of Shaanxi Longi LeYe through a newly established branch. This restructuring impacts the "5GW Monocrystalline Cell Project," a project funded by the company's 2019 convertible bonds. The implementing entity will change from Shaanxi Longi LeYe and Ningxia Longi to Longi LeYe and Ningxia Longi. As of October 31, 2024, the balance of funds raised from the 2019 convertible bonds totaled approximately 322.92 million yuan. The board believes this restructuring will streamline operations and improve efficiency. The move is not expected to negatively impact project implementation or shareholder interests.