Published: 2:18pm, 21 Nov, 2017 Updated: 2:55pm, 20 Jul, 2018
Chinese solar farm GCL New Energy, a unit of solar panel materials manufacturer GCL-Poly Energy, saw its shares rocket after announcing that a unit of China Taiping Insurance is to purchase a major stake in the company. It is hoped this will ease GCL's debt load. Under a non-legally binding “cooperation framework agreement”, Taiping Financial Holdings will lead an HKD8bn ($1bn) fund to make the purchase. The deal was announced on June 22nd and has been approved by both parties.