Slaughter and May, Hong Kong, advised China International Capital Corporation Hong Kong Securities Limited as placing agent in relation to the placing of new H shares in Xinte Energy Co., Ltd. (“Xinte Energy”) representing approximately 16.67% of its enlarged issued share capital (the “Placing”), which was announced on 5 August 2021 and closed on 12 August 2021, raising HK$1,017 million (approximately USD130 million).
On 5 August 2021, Xinte Energy also entered into a subscription agreement with TBEA Co., Ltd. (“TBEA”) (the controlling shareholder of Xinte Energy) pursuant to which TBEA has agreed to subscribe for, and Xinte Energy has agreed to allot and issue a total of 167,304,874 new Domestic Shares which amounted to a total of approximately HK$2,761 million (approximately USD354 million).
The Placing represented an opportunity to enhance the financial strength of the Xinte Energy group and to expand the shareholder base of Xinte Energy.
The net proceeds of the Placing will be used for developing a polysilicon green energy construction project in the PRC.
Xinte Energy is a leading renewable energy company and one of the largest suppliers of high-quality photovoltaic materials in the PRC. It has been listed on the Main Board of The Stock Exchange of Hong Kong since 2015.