Xinyi Solar power unit calls off IPO

The spin-off and listing of Chinese solar power firm Xinyi Energy Holdings will not proceed due to the “current continuing stock market volatility”, its parent, photovoltaic (PV) glass maker Xinyi Solar Holdings Ltd (HKG:00968), said Friday.

The company holds and operates a portfolio of 954 MW utility-scale ground-mounted solar farms in China. According to a prospectus published by the Hong Kong Stock Exchange (HKEX) on December 10, Xinyi Energy was to sell over 1.88 billion shares in Hong Kong and internationally in its initial public offering (IPO). The price range was of between HKD 1.89 and HKD 2.42 per share. The final price was expected to be announced on December 20, with trading on the HKEX commencing the next day under the stock code “3868”.

“[..] Directors will continue to monitor market conditions and other conditions to assess the appropriate window for the Global Offering , the Spin-Off, and the Listing in the future,” Xinyi Energy said Friday.

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