GCL to Partner With Ping An Bank on Internet Finance for Solar

GCL System Integration Technology Co., a Chinese solar cell maker, will cooperate with Ping An Bank Co. to innovate wealth products for its Internet finance platform that helps solar companies in the supply chain to raise financing.

One financial product backed by electric commercial papers on account receivables of suppliers in March secured approval from the Shenzhen stock exchange to raise a total financing of 20 billion yuan ($3.05 billion), GCL System said in a statement distributed to reporters in a presser on Monday in Shanghai.

GCL will also team up with China Minsheng Banking Corp. and the Suzhou Financial Asset Exchange to help expand its Internet finance platform, which started operation in March.

Chinese solar companies are increasing their use of this measure to broaden sources of financing, as limited investment choices prompts investors to buy Internet-based wealth products.

The platform is targeting 80 percent of investors deriving from financial institutions while the rest are individuals, said its president Chen Jiansong.