Shunfeng says it has already put down a 500m yuan ($82m) deposit, with another 2.5bn yuan to come, in its acquisition of Wuxi Suntech, the main manufacturing arm of the bankrupt Chinese PV giant.
The takeover next requires a nod from the Wuxi Intermediate People’s Court, which would be the final step in the approvals process.
Shunfeng will pay the remaining 2.5bn
