HK-listed Xinyi Solar hits 2-week low on share sale plan

Xinyi Glass Holdings

08/03/2019 02:01

** Shares of Xinyi Solar Holdings Ltd  0968.HK  fall as much
as 12.8 pct to HK$3.28, their lowest since Feb 21, 2019, after
the solar glass maker plans HK$1.3 bln ($165.6 mln) share sale 
    ** Stock 3rd most actively traded in early trade
    ** Xinyi Solar plans to sell 380 mln new shares at HK$3.47
apiece to its major shareholder Xinyi Glass Holdings Ltd
 0868.HK , raising capital to fund solar farm projects and 
expand solar glass production capacity  urn:newsml:reuters.com:*:nFWN20U10H
    ** Issue price represents a 7.7 pct discount to last close
    ** Xinyi Glass will buy Xinyi Solar new shares after the
major shareholder sells the same amount of existing shares at
same price to third party investors
    ** Xinyi Glass' stake in Xinyi Solar will be reduced to
25.28 pct from 26.53 pct following the deal  
    ** Xinyi Glass falls 3.5 pct to HK$9.22 
    ** As of last close, Xinyi Solar stock up 36.7 pct this year
    ** Xinyi Solar has outperformed the Hang Seng Commerce &
Industry Index sector  .HSNC  by 9.7 percentage points in the
past one month
    ** The Hong Kong benchmark index  .HSI  falls 1.4 pct
($1 = 7.8497 Hong Kong dollars)

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)