NSP shifts CFO to downstream developer ahead of Hong Kong IPO

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In November, the Taiwan-based PV cell and module manufacturer wrapped up a US$44 million investment in CFY, which will raise additional funds to acquire 300 MW of PV projects ahead of an initial public offering of its shares on the Hong Kong stock exchange.

Michael Kung will step in as CFO of NSP, while Hsu will also act as an assistant to the Hsinchu-based company’s chairman and CEO while he serves as CFO of CFY.

“The position adjustment was in view of the company’s long-term development and current business development of solar system projects,” NSP said in an emailed statement.

Taipei-listed NSP sees its investment as an opportunity to benefit from CFY’s access to global capital markets, while also providing it with an additional source of demand for its PV cells and modules.

NSP, which posted revenue of NT$1.166 billion ($36.8 million) in December, is increasingly trying to expand its business beyond cell and module production.