(Hong Kong, 22 May 2014) GCL New Energy Holdings Limited (“GCL New Energy” or the “Company;” stock code: 451.HK), a world leading investor of  distributed clean energy focusing on solar power, energy conservation, energy storage and smart micro-grid, cloud data as well as a solar power station operator and maintenance provider, announced its latest development strategy at a media conference held today.

On 9 May 2014, the GCL Group completed the acquisition of a 67.99% equity interest in Same Time Holdings Limited (“Same Time”) at a total consideration of HK$1.44 billion through its subsidiary GCL-Poly Energy Holdings Limited (“GCL-Poly;” stock code: 3800.HK). Together with the concurrent new share placement, Same Time raised approximately HK$1.64 billion cash in total. Same Time has since been renamed GCL New Energy. The Company is to become a flagship company under the GCL Group to engage in investment, operation and development of centralised and distributed energy systems, and provide one-stop new energy supply solutions, with the objective to become a global new energy industry leader.

Mr. Zhu Gongshan, Chairman of the GCL Group; Chairman of the Board of Directors, Executive Director and Chief Executive Officer of GCL-Poly; and Honorary Chairman of GCL New Energy, stated, “The new energy industry is prospering and has tremendous growth potential. We believe the acquisition presents enormous development opportunities to the Company, and is consistent with overall interest of the Company, its shareholders and partners. Through this acquisition, the Company will become a listed platform of the GCL Group focusing on the development of new energy business spanning centralised and distributed new energy systems as well as solar power projects. We have complete confidence in the prospects of the Company.”

GCL New Energy is a global clean energy investor equipped with power generation, energy conservation, energy storage technologies and smart integration capability, as well as a solar power station operator and maintenance provider. Its strengths are in investment, financing, project development, operation and management. With investment, operation and R&D of centralised and distributed new energy systems as its core business, and with technological innovation as catalyst, it is establishing a large online cloud service platform and a smart green energy system that provides clean, safe and highly efficient green energy for the society thereby facilitating the development of green energy. As the Company continues to expand centralised new energy farms and consolidate its leading presence in the industry, it will also strive to develop distributed energy business by providing power generation, energy conservation and storage solutions for the general public on the rooftops of commercial facilities such as shopping malls, warehouse and hospitals as well as residential buildings including villages, apartments and villas.

Mr. Zhu concluded, “Looking ahead, new energy, in particular the distributed new energy market, has a robust future. GCL New Energy will seize the opportunities emerging from favourable national policies and leverage the experience and advantages of our parent company in the photovoltaic sector and our own competitive edge in technology and innovative business model. In this way, we will realise our goal to become a prominent global clean energy group, play a leading role in the reform of the energy industry, contribute to the sustainable development of the society and incorporate green energy into daily life.”

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