Gelonghui, February 2, 丨 Sunflower (300111.SZ) announced that the company held the 25th meeting of the 5th board of directors and the 18th meeting of the 5th board of supervisors on February 2, 2024 to review and pass the “Proposal on Termination of Investment Cooperation Agreements and Cancellation of Project Companies”. The company worked with Shanghai Longxiang Private Equity Fund Management Co., Ltd. (hereinafter referred to as “Shanghai Longxiang”) and Shanghai Longhe Enterprise Management Center (limited partnership) (hereinafter referred to as “Shanghai Longxiang”), Shaoxing Binhai New Area Integrated Circuit Industry Equity Investment Fund Partnership (hereinafter referred to as “Shanghai Longxiang”) Called “Shaoxing <投资合作协议>“ Integrated Circuit Fund”) and Zhejiang Longxiang New Energy Technology Co., Ltd. (hereinafter referred to as the “Project Company”) intend to sign the “Termination Agreement” after friendly negotiations, deciding to terminate the project cooperation, dissolve and liquidate the project company, and cancel the project company. <投资合作协议>The matter still needs to be submitted to the company's shareholders' meeting for consideration, and the shareholders' meeting is requested to authorize the management to specifically handle relevant matters, including but not limited to matters relating to the signing of the “Termination Agreement” and other supplementary agreements and cancellation of the project company.
The TopCon battery product project is a prudent decision made by the company after thorough investigation and research on the development of the photovoltaic industry, mid-term trends and the production plans of leading companies in the industry (Notice No. 2023-018). However, due to delays in delivery of the proposed leased plant during the project preparation process, the TopCon battery product project could not be implemented on schedule. Furthermore, the prices of major products in the photovoltaic industry chain have declined sharply recently. In the context of changes in the current market environment and the influence of various factors, after careful research by the company, in order to reduce investment risks and management costs, and optimize resource allocation, it was decided to terminate the TopCon battery product project and cancel the project company after friendly negotiations with various shareholders.