Sunoren Solar sees share boost from key stakeholder

Zhejiang Sunoren Solar Technology (SSE:603105) announced that its controlling shareholder, Haiyan Zhengda, intends to increase its holdings in the company. The move is driven by confidence in Sunoren Solar's prospects and long-term investment value. Zhengda plans to acquire additional A-shares via the Shanghai Stock Exchange over the next 12 months, allocating between RMB 50 million and RMB 100 million for the purchases. The stake increase will not exceed 2% of the total share capital. Funding will come from a combination of Zhengda's own capital and a dedicated loan from the Industrial and Commercial Bank of China. Zhengda currently holds 13.98% of Sunoren Solar's shares. The proposed stake increase will not trigger a mandatory takeover offer and will not change the company's controlling shareholder.