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Herbert Smith Freehills is advising Chinese solar panels maker Shunfeng Photovoltaic International Limited on the placement of 400,000,000 new shares to raise US$144 million on the Hong Kong Stock Exchange.
The shares issued account for 20.41% of Shunfeng Photovoltaic’s stock capital. The shares priced at the top of the range at HK$2.50 to HK$2.80 (US$0.32-0.36) per share. Proceeds from the new shares placement will be used to finance capital expenditures required for the construction and development of solar power stations in China, as well as general working capital purposes.
Hong Kong-listed Shunfeng Photovoltaic is principally engaged in the manufacturing and sales of solar cells, solar modules and solar wafers.
The Herbert Smith Freehills deal team is being led by Hong Kong partner Jason Sung, who is being assisted by associates Athena Young and Eugene Lau.
Partners Capital International Limited (Hong Kong) and BOCOM International Securities Limited (Hong Kong) are acting as joint placing agents on the deal.
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