China’s Jun Yang to raise USD 12m from share issue
Solar panels in China. Featured Image: zhu difeng/Shutterstock.com
Hong Kong-based Jun Yang Financial Holdings Ltd (HKG:0397) said Tuesday it will sell about HKD 93.3 million (USD 12m/EUR 10.7m) worth of stock, aiming to strengthen its financial position.
The company, formerly Jun Yang Solar Power Investments Ltd, makes thin-film photovoltaic (PV) modules, develops solar projects and is also active in the money lending and assets investment segments. The firm explained that it may use the net proceeds of some HKD 90.1 million to meet any future developments and obligations, to fund the group’s asset investment segment and for general working capital.
Under the terms of the placing agreement from April 12, as much as 391.8 million new shares will be issued at a price of HKD 0.238 per share. After completion of the placement, they will represent 16.15% of the company’s total share capital.
SBI China Capital Financial Services Ltd will lead the issue, which is pending listing approval and the fulfilment of other conditions. It will sell the stock to at least six placees.
As at the end of 2015, Jun Yang operated 57 MW of PV capacity at home. The Chinese company also had a further 44.6 MW of approved solar projects, 28.6 MW of which were under construction.