HK-listed Xinte Energy soars, plans $132 mln share sale

Xinte Energy

05/08/2021 07:29

** Shares of Chinese solar energy and wind power solutions
provider Xinte Energy Co Ltd  1799.HK  soar 21.7% to HK$23.30,
on course for best day since Dec. 24
    ** Stock hits the highest since March 2; the seventh biggest
percentage gainer on the Hong Kong bourse 
    ** Xinte plans sale of HK$1.03 bln ($132.47 mln) worth of
new shares to third party investors
    ** Will use proceeds to fund its 100,000-ton polysilicon
project through capital injection into its subsidiary Inner
Mongolia Xinte Silicon Materials Co Ltd  urn:newsml:reuters.com:*:nFWN2PB1HB
    ** Xinjiang-based co says it will issue 62.695 mln new
shares at HK$16.50 apiece, rerepresenting a 13.79% discount to
Wednesday's close of HK$19.14
    ** Says deal will improve its financial position, reduce
financial risks, and enhance its market competitiveness and
profitability 
    ** The Hong Kong Hang Seng Composite Index tracking energy
stocks  .HSCIE  slips 0.7%, and the material index  .HSCIM 
falls 2.5%
    ** The Hang Seng China Enterprises Index  .HSCE  slips 0.9%
and the benchmark index  .HSI  eases 0.4%
    ** As of last close, the stock had surged 71.5% this year


($1 = 7.7752 Hong Kong dollars)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))