China Sunergy: Sale of an Idle Subsidiary

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NANJING, China - China Sunergy Co., Ltd. (NASDAQ: CSUN), a specialized solar cell and module manufacturer, today announced that the Company has signed a share transfer agreement with its affiliated company, China Electric Equipment Group Co., Ltd. ("CEEG"), under which the Company agreed to sell and CEEG agreed to purchase, 100% of the equity interest in China Sunergy (Shanghai) Co., Ltd. ("Sunergy Shanghai"), a subsidiary of the Company, for a total consideration of approximately RMB 231.2 million (US$37.7 million) (the "Total Consideration") (the "Transaction").

As a result, China Sunergy expects to receive the cash proceeds of approximately RMB 79.6 million (US$13.0 million) from the Transaction in the second quarter of 2014. The remaining consideration will be settled through forgiveness of the amount due from China Sunergy by Sunergy Shanghai. As part of this Transaction, CEEG expressly undertakes that it will not utilize Sunergy Shanghai or its assets to engage in any business competitive with the Company. The Transaction, which was approved by China Sunergy's board of directors, is subject to customary closing conditions.

Sunergy Shanghai was established by the Company in November 2007, with an original plan for solar cell production, solar power research, and other developmental activities. However, due to market conditions and the Company's strategic planning, Sunergy Shanghai has not yet developed substantive operations, and as such the disposal of Sunergy Shanghai will not impact China Sunergy's overall production capacity.

Mr. Stephen Cai, CEO of China Sunergy, commented, "The sale of Sunergy Shanghai follows an extensive and thoughtful evaluation of potential options relating to sale of Sunergy Shanghai, and we fully expect the cash proceeds from the sale will further strengthen our working capital and enhance our operations. We believe these resulting improvements will contribute meaningful long-term rewards to the Company."

About China Sunergy Co., Ltd.

China Sunergy Co., Ltd. (NASDAQ:CSUN) designs, manufactures and delivers high efficiency solar cells and modules to the world from its production centers based in China and Turkey. China Sunergy also invests in high potential solar projects. Founded in 2004, China Sunergy is well known for its advanced solar cell technology, reliable product quality, and excellent customer service.

For more information, please visit

Investor and Media Contacts:

Asia Bridge Group Limited
Wendy Sun
Phone: + 86 10 8556 9033

China Sunergy Co., Ltd.
Phone: + 86 25 5276 6696

SOURCE: China Sunergy Co., Ltd.
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