If everything proceeds as planned, Singyes New Materials a producer of indium tin oxide film, polymer dispersed liquid crystal film electronically switchable glass (Smart Light-adjusting Glass), and smart light-adjusting projection systems will remain a group subsidiary.
The group currently owns 90.1% of Singyes New Materials, according to a statement on the Hong Kong stock exchange.
The subsidiary will seek a listing on on Hong Kongs Growth Enterprise Market (GEM) through an initial placement of shares to institutional investors, in addition to a preferential offering to qualifying shareholders, that will in aggregate amount to 25% of the enlarged issued share capital of the company.
Following the GEM listing, China Singyes Solar Technologies will retain its focus on Chinas solar engineering, procurement & construction (EPC) market.
The proposed spin-off and listing which is still subject to approval by the groups board of directors will improve the ability of Singyes New Materials to raise capital.
Earlier this month, another unit of China Singyes Solar Technologies agreed to sell off two 81% stakes in two companies that operate 100MW of solar capacity in northwestern Chinas Gansu province and Xinjiang region for HKD861,000,000 (USD111 million).
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