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June 25 (NBD) -- LONGi Green Energy Technology Co Ltd (601012.SH) had signed a contract to repurchase a 21.43 percent stake in its subsidiary LONGi New Energy from an asset management firm for 300 million yuan (46.2 million U.S. dollars), in a bid to promote the distributed solar power business, the Chinese monocrystalline wafer producer announced Sunday.

LONGi Green Energy Technology also redeemed 75 million fund units from above-mentioned asset management company last Thursday.

After LONGi Green Energy Technology pays the consideration for the repurchase deal, LONGi New Energy will become its wholly owned subsidiary.

Email: gaohan@nbd.com.cn