Hanwha SolarOne's $70 million share issue

Chinese solar manufacturer Hanwha SolarOne has signalled its intent to beef up its downstream business in the country with a $70 million American Depositary Share (ADS) issue.

Hanwha SolarOne, which manufactures ingots, wafers, cells and modules, will issue the ADS’ through Credit Suisse, with each ADS made of five ordinary shares.

In announcing the move to the U.S. Securities and Exchange Commission (SEC) on Friday, Hanwha cited a desire to diversify its business into solar plant development in China as well as to fund upgrades to its manufacturing processes.

Hanwha’s parent company Hanwha Group is active in solar project development and financing and is intending to start polysilicon manufacture.