As its Jiangsu Shunfeng cell and module manufacturer subsidiary prepares to take a stake in Wuxi Suntech, parent company Shunfeng Photovoltaic International has priced the 400 million new shares it is issuing at the top of the estimated price range.
When shareholders approved the placing on Thursday, a price range of HK$2.50-2.80 (US$0.32-0.36) per share was quoted and in an announcement to the Hong Kong Stock Exchange on Friday, the company confirmed its new shares which will add up to 20.41% of the expanded company will be offered at the top of the range.
Based on those numbers, a successful subscription will see Shunfeng raise HK$1.12 billion for a net HK$1.102 billion (US$142 million) windfall after expenses.
Shunfeng's Jiangsu Shunfeng subsidiary is preparing a bid for Suntech's insolvent Wuxi Suntech Chinese manufacturing unit as part of a consortium with the Wuxi local government.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: email@example.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.