Fuyao Glass Raises HK$4.338 Billion via Placement, Plans to Use 10% For Photovoltaic Glass Market Expansion

PVTIME - Fuyao Glass (hereinafter referred to as the “Company”) announced that it has successfully allotted and issued a total of 101,126,000 new H shares at HK$42.90 per share on May 10, 2021.

These new H shares have been allotted to no less than six independent grantees (professional, institutional, and other investors), whose ultimate beneficial owners are independent of the company and its related persons, and have no connection with the company and its related persons.

The total proceeds from the placement are approximately HK$4.338 billion. After deducting related costs and expenses, the total net proceeds from the placement are approximately HK$4.312 billion. The company intends to use approximately 60% of the net proceeds from the placing to supplement working capital and optimize the Group’s capital structure, approximately 15% will be used to repay interest-bearing debt; approximately 15% will be used for R&D project investment, and approximately 10% will be used to expand its presence in the photovoltaic glass market.

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