Shenzhen-based solar panel manufacturer Saiwei Times announced that with the rapid growth of the company and its subsidiaries, the expansion of business scale has made the existing space difficult to meet the needs of the company and its subsidiaries.
Therefore, the company or its wholly-owned subsidiary plans to purchase land use rights, with the land acquisition cost not exceeding RMB 210 million (the final investment amount will be subject to the results of land bidding and auction). The source of funds for this purchase of land use rights is the company's or wholly-owned subsidiary's own funds or self-raised funds.
The purpose of participating in the purchase of the land use right this time is to meet the demand for business premises in the future development strategy of the company and its subsidiaries, provide necessary land resources for the future development of the company and its subsidiaries, and promote the sustainable development of the company. It will not affect the normal development of the company's existing business and have a significant impact on the company's financial status and operating results. There is no situation that damages the interests of listed companies and all shareholders.