Fosun Industrial Subscribes For US$15 Million Convertible Bonds Issued by United PV

United Photovoltaics Group Limited (“United PV” or the “Company”, stock code: 00686.HK, whose largest shareholder is China Merchants New Energy Group “CMNE”),BU complete card - 2014 - final a leading solar power plant investor and operator inChina, is pleased to [recently] announce that, the Company entered into an investment agreement (“Cooperation Agreement”) with Fosun Industrial Holdings Limited (“Fosun Industrial”) to jointly acquire solar power plants.

Pursuant to the Cooperation Agreement, Fosun Industrial will subscribe for the 7.5% three-year convertible bonds in the principal amount ofUS$15 million (equivalent to approximatelyRMB93 million) issued by the Company, at the conversion price ofHK$1.03. The proceeds from which will be used to acquire a 20MW solar power plant project.

As a wholly owned subsidiary of Fosun International Limited (“Fosun International”, 00656.HK), Fosun Industrial is principally engaged in the businesses of insurance, industrial operations, investment and asset management. Fosun International is one of the largest privately owned conglomerates inChina. As of the date of the announcement, Fosun International beneficially owns 70.924 million shares, representing approximately 1.63% of the issued share capital of the Company, and certain convertible bonds due 2016 in the principal amount ofUS$35 million.

Mr. LU Zhenwei, Managing Director of China Merchants Capital and Executive Director of United PV, said: “Following the cooperation activities with Taoshi Fund underPing An and China Orient Asset Management (International) under the Ministry of Finance ofChina, we are honored to further develop our strategic partnership with another market leader in the new energy business. The cooperation between the Company and Fosun International, one of our current shareholders and convertible bond holders, represents reputable strategic investors’ recognition in our business and prospects as an international platform for Chinese solar energy development. Looking forward, we will provide more outstanding solar power plants and engage world’s leading institutions to fulfill the brand-new crowdfunding for solar business. These outstanding institutions are all contributing to create a green earth and setting an example to promote crowdfunding for solar power plants to the public. Meanwhile, we welcome strategic investors that bring will the Company more Chinese and overseas resources, making United PV the most excellent new energy platform.”

About United Photovoltaics Group Limited (stock code: 00686.HK)

United Photovoltaics Group Limited, whose largest shareholder is China Merchants New Energy Group, is a leading photovoltaic power plant investor and operator inChina. The Company has actively carried out a series of mergers and acquisitions by leveraging strong connections with SOEs and leading conglomerates to consolidate resources in the solar power industry. The Company is committed to becomingChina’s most efficient and professional operational platform for photovoltaic power plants as well as to establishing a healthy photovoltaic green ecosystem.

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