June 2 – L.R. Capital, a global investment and alternative asset manager headquartered in Hong Kong, has recently announced that Marcellus Wong Yui-keung, the Vice Chairman of its Global Advisory Committee and a former Partner, Head of Tax Risk and Quality in PricewaterhouseCoopers, Asia Pacific, has officially joined the Board of Xinte Energy Co., Ltd. (“Xinte Energy” or “the Company”) and will act as an Independent Director of the Company. Xinte Energy is a leading vertically integrated player along the photovoltaic value chain in China. Its controlling shareholder, Tebian Electric Apparatus Stock Co., Ltd. (SH-600089, “TBEA”), is China’s largest manufacturer of new energy equipment and a leader in power transmission and power transformers.
Marcellus Wong Yui-Keung has been involved in tax compliance and advisory services for over 30 years. He has worked for the Inland Revenue Department in Hong Kong, where he was responsible for handling tax investigations, objections and litigation. After he retired as Tax Partner from PwC in 2012, he has continued to be a Senior Advisor to the accountancy firm. Mr. Wong is a member of the Joint Liaison Taxation Committee of the Hong Kong SAR Government. He is a Certified Tax Adviser in Hong Kong, is a member of the Hong Kong Institute of Certified Public Accountants and a fellow of the Australian Society of Certified Practicing Accountants. He was the President of the Taxation Institute of Hong Kong from 1996 to 1999. He was also the President of CPA Australia (Greater China Division) from 2004 to 2005 and currently he is still an Honorary Advisor to the CPA. Mr. Wong was repeatedly named as one of “The Leading Tax Advisers in China/Hong Kong“ in surveys by Euromoney International Tax Review.
Xinte Energy is the only Xinjiang-based company among the first few players qualified for the polysilicon industry in China. With its unique strategic location, technology expertise, capital strength and cost advantage, it enjoys significant competitive edge over its peers. Furthermore, as a standard setter for photovoltaic power plants, it is leading the development of desert solar power industry in China.
On 14 April 2015, Xinte Energy announced that it had successfully lined up strategic investors, including L.R. Capital, China Minsheng Investment and GF Securities Investments. L.R. Capital acts as a lead investor, investing RMB 500 million. Also on 14 April 2015, TBEA announced Xinte Energy’s H-share IPO plan. The use of proceed will be funding of the construction and operation of solar and wind power plants, expansion of business network and replenishment of working capital.