Hareon Solar Signed Equity Pre-acquisition Framework Agreement

Hareon Solar signed an equity pre-acquisition framework agreement and plans to acquire 9% equity of MinFeng Rural Commercial Bank

November 04, 2016, Hareon Solar signed the "JiangSu MinFeng Rural Commercial Bank Co. Ltd., equity pre-acquisition framework agreement" with ChangZhou GuangHui Chemical Co. Ltd., and JiangSu YaBang Pharmaceutical Group Co. Ltd.. Hareon plans to acquire 9% equity (equal to 54 million shares) of MinFeng Rural Commercial Bank.

The share transfer price refers to the net assets of MinFeng Rural Commercial Bank as of September 30, 2016, tentatively at 4.375RMB per share, with the total acquisition price tentatively at 236,250,000RMB. Hareon Solar will assign auditors and appraisers to conduct a comprehensive due diligence on the assets. The final acquisition price pershare will be negotiated between parties, based on the audited and appraised values submitted by the competent third party institutions.

This agreement has been approved by the company’s board of directors. This pre-acquisition framework agreement serves to notify the preliminary intention of both parties. The company will follow the appropriate decision-making and approval procedures in accordance with relevant laws and regulations, such as the "Company Law", "Shanghai Stock Exchange Stock Listing Rules", as well as the articles of association of the company, after specific transaction matters have been confirmed.

Hareon Solar Technology Co., Ltd.

Hareon Solar, headquartered in Jiangyin, Jiangsu Province, China, has five production bases in China, with 1,850MW Solar Cells and 1,200MW Solar Module in annual production capacity. At the same time, subsidiaries have been set-up in Australia, Germany, India, Japan, South Africa, and the U.S. together with a global sales and marketing network.

Please check company website for detail: www.hareonsolar.com

Hareon Solar WeChat Public Number: hareonsolar

JiangSu MinFeng Rural Commercial Bank

MinFeng Bank formerly known as the Suqian City Rural Credit Cooperatives, is a local legal person financial institution in Suqian City, with 42 branches. It was named Jiangsu 5A grade rural commercial bank for two consecutive years in 2013, 2014.

Please check company website for detail: www.sqmfbank.com