Xinyi Glass shelves solar unit flotation

Nov 16, 2011 - Hong Kong-based glass manufacturer Xinyi Glass Holdings (HKG:0868) said today it was putting off plans to list its solar glass unit Xinyi Solar.

The company cited the markets' recent volatility and the negative effect of the European debt crisis on the global solar energy sector for the decision.

It said the move would not have material impact on the operations of the group and Xinyi Solar.

Xinyi Glass had planned to float 25-30% of Xinyi Solar on the Hong Kong Stock Exchange. It had said it intended to spend 45% of the proceeds on building ultra-clear photovoltaic (PV) raw glass production lines, ultra-clear PV processed glass processing lines and an ultra-clear float glass production line.

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