The solar plant operations business – spun out of the solar glass manufacturer – reportedly finalized its initial public offering this week. Final confirmation of the proceeds is expected on Monday.
The Chinese solar manufacturer is set to transfer independent shareholders’ stakes into a special purpose vehicle while one of its affiliate businesses seeks a listing on Beijing’s A-share index. Inevitably, though, the process has not been a smooth one.
Straining under a $2 billion debt mountain, the solar manufacturer is pinning its hopes on the proposed sale of its Jiangsu Shunfeng subsidiary to prevent it suffering the same fate as the original parent company of the Wuxi Suntech unit that makes up part of the Jiangsu division.
Details have finally emerged about when independent investors will decide whether to wave through a deal to transfer their stock into a special purpose vehicle for relisting the Hong Kong unit on the Chinese A-share index.
Loan defaults have brought business at the solar goods maker and EPC to a halt and a lack of progress reports on its formerly lucrative project contracts means there is no immediate prospect of seeing the company’s 2018 figures.
Founding chairman Li Hejun is too busy travelling to promote the company to also manage day-to-day operations. His sisters will hold the stock on his behalf, however.
Parent group Hanergy Mobile Energy appears to have gone quiet on its proposal for shareholders in its Hong Kong unit to vote on whether to shift their stock in an attempt to have the business moved to the Chinese exchange. The clock is running down until the Thin Film unit loses its Hong Kong listing.
The Chinese thin film giant has transformed itself into a solar manufacturing equipment supplier and is set to expand a strategy which sees affiliates help fund industrial parks which then generate orders for its thin film production lines.
Real estate and logistics company owner Cheung Shun Lee is making a third attempt to relist a company whose shares have been suspended for five-and-a-half years, and whose corporate history during that time reads like a soap opera.
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