Hong Kong, China, 18 December 2015 - United Photovoltaics Group Limited (“United PV” or the “Company”, stock code: 00686.HK, whose largest shareholder is China Merchants New Energy Group “CMNE”), a leading solar power plant investor and operator in China, announced that, the Company and Huaqing Solar Power Limited (“Huaqing Solar Power”), entered into a subscription agreement, pursuant to which United PV issues US$100 million convertible bonds (“CB”) to Huaqing Solar Power, where the net proceeds will be used or the acquisition, development, construction, maintenance and operation of the potential target solar power plant(s).

Pursuant to the agreement, Huaqing Solar Power will subscribe for the 6.75% three-year CB in the principal amount of US$100 million issued by the Company, at the conversion price of HK$1.5928.

It is United PV’s strategy to identify suitable investment opportunities to acquire solar power plants with good prospects and potential for stable returns. The Company believes that the cooperation with Huaqing Solar Power will bring very positive impacts on boosting the solar power plants acquisitions, increasing United PV’s total installed capacity and electricity generation volume. Looking forward, the Company will continue to engage outstanding institutions, striving to build up ecological interconnectedness through solar power and green energy; and bring clean energy into households via the low-carbon and environmentally friendly technologies. United PV will hence become a benchmark in the structural reform of the Chinese energy system.