Shang Hai Zheng Quan Bao·2025-11-30 19:14Group 1 - The company plans to adjust its business operations in the U.S. market to ensure long-term participation, reduce operational risks, and protect the interests of the company and its investors [2][3][16] - The transaction involves the establishment of joint ventures with the controlling shareholder, Canadian Solar Inc. (CSIQ), which will not constitute a major asset restructuring [2][3][4] - The joint ventures will focus on solar photovoltaic and energy storage businesses in the U.S., with CSI holding 24.9% and CSIQ holding 75.1% of the shares [4][16] Group 2 - The U.S. is currently the second-largest photovoltaic market globally, with a mature electricity market mechanism and a rapidly growing energy storage business [3][16] - The company will transfer certain overseas manufacturing assets to CSIQ, allowing it to receive a one-time equity transfer payment while retaining a 24.9% stake in future U.S. business profits [4][16][19] - The joint ventures will begin operations by leasing some of CSI's overseas assets, with plans for future investments or acquisitions [4][16] Group 3 - The financial data for the overseas battery factory GNCM is estimated at RMB 36.68 million, while the overseas energy storage factory SSTH is valued at RMB 377.78 million, and the overseas photovoltaic slicing factory THX1 is valued at RMB 54.86 million [9][10] - The total estimated value for the equity transfer of 75.1% is approximately RMB 352.47 million [9][10] Group 4 - The company has received approval from its board of directors for the transaction, which will be submitted for shareholder approval [14][15] - The independent directors have unanimously agreed that the transaction complies with policy requirements and protects the interests of minority shareholders [14][15][34] Group 5 - The company expects to engage in daily related transactions amounting to no more than RMB 55.27 billion in 2026, which will be conducted on a voluntary and fair basis [26][33] - The company has established a fair pricing mechanism for its related transactions, ensuring that they do not harm the interests of the company and its shareholders [32][33]