Shunfeng PV anticipates $142 million windfall

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.