Solar spinoff back on table

Business | Avery Chen 23 Apr 2019

Xinyi Solar (0968) yesterday said it will spinoff Xinyi Energy, after pulling the plug on a Hong Kong flotation of the firm worth up to HK$4.55 billion last December amid lackluster market sentiment.

Xinyi Energy, the non-state owned solar farm owner and operator in the mainland, was supposed to offer 1.88 million shares at an indicative price of HK$1.89 to HK$2.42 and make the main board debut on December 21, 2018.

The Anhui-based company recorded 7.57 percent year-on-year growth in revenue to HK$1.2 billion last year, and its net profit rose 3.53 percent to HK$745 million.

Xinyi Energy said it intends to adopt a high dividend payout policy with not less than 90 percent of distributable income since it regards providing the shareholders with stable distributions with sustainable long-term growth as the primary objective.

Meanwhile, Truly International (0732) aims to separately list its Shanwei business on the Shenzhen Stock Exchange.

Truly Shanwei plans to submit a new application with the China Securities Regulatory Commission this year for A-shares listing, the company said.

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