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Sun.King Power Electronics is planned to spin off and listed Jiujiang Sun.King on the stock market

On May 11, 2018, Sun.King Power Electronics Group Co., Ltd. Announced that, Sun.King Group is preparing to spin off its subsidiary Jiujiang Sun.King Technology Co., Ltd, and listed it into the Shenzhen Stock Exchange A-share market. The spin-off will provide Jiujiang Sun.King with an independent fund-raising platform to finance its expansion in the future, as to seize the opportunities in the rectifier and special power supply industries and to help reduce its debt ratio and operating costs.

Jiujiang Sun.King, with a 62.25% stake owned by Sun.King group, is preparing to apply to the China Securities Regulatory Commission for the first public offering of the new shares , which will account for 25 % of the issued share capital after the expansion of Jiujiang Sun.King. After the proposed spin-off, Sun.King Group will hold a 46.69% stake of Jiujiang Sun.King. The Hong Kong Staock Exchange has confirmed that the Group can proceed with the proposed spin-off.

Jiujiang Sun.King is mainly engaged in the manufacture and sale of rectifier equipment and special power supply in China. Since the business of rectifier and special power supply is different from that of Sun.King Group's electronic power component business, the proposed spin-off is expected to increase the operational and financial transparency of Jiujiang Sun.King, thereby giving investors, financiers and market rating agencies a clear understanding of their business.

Because Sun.King Group and Jiujiang Sun.King have different development steps and strategies, the proposed spin-off will help both sides to focus on the development and strategic planning of their respective business. After the spin-off is completed, Jiujiang Sun.King will have its own management structure focused on rectifier and special power supply business, the decision-making process can be upgraded and be able to respond more quickly to market change, so that Jiujiang Sun.King can grasp the development opportunities of rectifier and special power industry in time.

The board of directors of Sun.King Group believes that Jiujiang Sun.King is ready and will make fruitful results in the near future. Jiujiang Sun.King will support its independent growth with high efficiency and more prudence through the proposed spin-off.

The proposed spin-off can be completed until the China Securities Regulatory Commission and the Shenzhen Stock Exchange have approved the listing of A shares and the presentation of A shares. Sun.King group will issue further announcements in due course.

 

Attached:

Sun.King Power Electronics Group Co., Ltd.

Sun.King is committed to the power system technology upgrading and innovation, R & D is Sun.King’s core driving force. Sun.King Group has vigorously researched and developmented the new power electronics technology, which suitable for the China's Energy Low-Carbonization Development Strategy . Sun.King’s products in HVDC, flexible HVDC transmission, intelligent distribution network, microgrid, Electrified traffic, industrial electrical systems and other fields are with international leading technical level. Sun.King group was establised in 2002 and was listed on the main board of Hongkong Stock Exchange in October 2010. The stock code is 0580.HK.

 

Investors and media inquiries

Sun.King Power Electronics Group Co., Ltd.

Allan 吉庆

Phone:86-10-56301205 / 86-18611693787

E-mail:jq@

 

PR CHINA

Xiao Weicheng 萧伟成 / Chen Gang 陈钢 / Wu Tingyuan 吴霆远 / Ouyang Lizhu 欧阳丽珠

Phone:852-25221368 / 852-25221838

E-mail:dshiu@prchina.com.hk / ckchan@prchina.com.hk /

tng@prchina.com.hk / dauyeung@prchina.comm.hk