Xinyi plans solar glass IPO

Xinyi Glass Holdings will spin-off and list shares of its solar-glass unit, it said in a statement to the Hong Kong stock exchange.

The company, which makes automotive, float and construction glass, will distribute 70% of its holdings in wholly owned subsidiary Xinyi Solar to shareholders, and keep the remaining stake.

It said the move will help Xinyi Solar secure funding in the future, so it can “take advantage of the expected growth potential of the global solar industry.”

In 2011, Hong Kong-based Xinyi Glass shelved plans to list shares of Xinyi Solar due to the European debt crisis.

The company has selected Citigroup Global Markets Asia as the sponsor of the proposed spin-off and initial public offering, which are Log in to read complete article.

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