LONGi Green Energy Plans to Raise $2.8 Billion in Swiss Issuance
Provided by
Dow Jones
By Bingyan Wang
Chinese solar-power equipment maker LONGi Green Energy Technology is seeking to raise 20 billion yuan ($2.78 billion) via an issuance of global depository receipts in Switzerland.
The Shanghai-listed company said in a stock-exchange filing Tuesday that it plan to use proceeds to invest in five solar-module projects in Inner Mongolia, Malaysia and Vietnam to "optimize the layout of overseas investment" and expand production capacity.
The company, with a market value of just over $30 billion after a 32% year-to-date slide in its share price, didn't specify a timeline for the sale of shares.
Write to Bingyan Wang at bingyan.wang@wsj.com
(END) Dow Jones Newswires
June 20, 2023 21:42 ET (01:42 GMT)
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