Anwell Technologies

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Anwell Technologies Limited
Public company
Traded asSGX: G5X
IndustryManufacturing
Founded2000
Defunct2019
HeadquartersKwai Chung, Hong Kong[1]
Key people
Franky Fan (chairman and CEO)
Products
Number of employees
2,500+ (2009)[2]
Websitewww.anwell.com

Anwell Technologies Limited was a Hong Kong multinational manufacturing company. Founded in 2000, the company initially designed machines that mass-produced optical discs, but later began manufacturing thin-film solar cells and organic light-emitting diodes (OLEDs) as well. The company was listed on the Singapore Stock Exchange in 2004, but delisted in 2019 as the company shut down its operations.|

History[edit]

Anwell was founded in 2000 by chairman and CEO Fan Kai Leung (Chinese: 范继良; pinyin: Fàn Jì Liáng),[3] known as Franky Fan, and five other engineering partners with initial capital of US$100,000.[2] In 2004, the company was listed on the mainboard of the Singapore Stock Exchange.[4]

In September 2009, Anwell produced its first thin-film solar cell at their production plant located in Anyang, Henan, China.[5] The following month, Anwell's wholly owned subsidiary Sungen signed a memorandum of understanding with American energy company Solargen to supply solar panels for their solar farm projects.[6]

In 2011, Anwell received a total of RMB 800 million in funding from the municipal government of Dongguan for the construction of a second manufacturing base in the city, as well as RMB 700 million increase production capacity at its existing plant in Anyang.[7][8]

In February 2012, Anwell secured its first engineering, procurement, and construction contract for a solar power plant in Thailand, in a deal worth US$25 million.[9]

Legal issues and closure[edit]

In November 2017, Anwell's judicial managers RSM Corporate Advisory announced that Anwell's Chinese subsidiary, Dongguan Anwell Digital Machinery, as well as Anwell CEO Fan, executive director Wu Wai Kin (known as Ken Wu),[7] and group financial controller Kwong Chi Kit (known as Victor Kwong) were found guilty of fraud by Chinese courts. Dongguan Anwell was ordered to pay a total of RMB 1.2 billion in fines and other payments; Fan was sentenced to life imprisonment and a seizure of personal assets worth up to RMB 5 million, while Wu and Kwong were fined RMB 4 million each and sentenced to 20 and 19 years' imprisonment, respectively.[10]

In March 2018, the Singapore High Court granted an application for the company to shut down its operations and begin the process of liquidation.[11] The company applied to delist from the Singapore Stock Exchange in January 2019.[12]


References[edit]

  1. ^ "Anwell profile". Bloomberg. 2010.
  2. ^ a b Leong, Chan Teik (3 August 2009). "CEO Chat - Franky Fan" (PDF). Pulses. Archived from the original (PDF) on 7 July 2011. Retrieved 5 August 2009.
  3. ^ Tan, Lei (26 October 2004). "合力创办"宏威" 六青年四年圆上市梦". ZaoBao.com (in Chinese). Archived from the original on 28 October 2004. Retrieved 16 September 2009.
  4. ^ Zhang, Jiao (21 January 2010). "All's well that's Anwell". The Business Times. AsiaOne Business. Archived from the original on 29 January 2010.
  5. ^ Leong, Chan Teik (1 September 2009). "ANWELL produces its first solar panel". NextInsight. Archived from the original on 23 August 2011.
  6. ^ "Anwell signs MOU with US partner to supply thin-film solar panels to farms". The Edge Singapore. 5 October 2009. Archived from the original on 16 July 2011.
  7. ^ a b Sim, Kih (15 November 2011). "ANWELL: Why China municipal government injected Rmb 800 million". NextInsight. Retrieved 4 July 2019.
  8. ^ Whitmore, Christ (21 June 2011). "Henan Sungen secure financing to increase thin-film production capacity". PVTech.
  9. ^ Sim, Kih (6 March 2012). "ANWELL: Shining solar sales and EPC prospects". NextInsight.
  10. ^ Quah, Michelle (7 November 2017). "Anwell's China subsidiary found guilty of fraud". The Business Times. Retrieved 5 July 2019.
  11. ^ Mui, Rachel (12 March 2018). "Anwell Technologies to wind up and delist from SGX". The Business Times. Retrieved 5 July 2019.
  12. ^ Lee, Jamie (23 January 2019). "Anwell to delist". The Business Times. Retrieved 5 July 2019.

External links[edit]