PVTIME – On 22 November 2023, HOYUAN Green Energy Co.,Ltd.(HY Solar)(603185.SH), a high-tech firm primarily involved in manufacturing high-end intelligent equipment and providing PV crystalline silicon products has disclosed its modification of A-share issuance for targeted individuals to raise funds in 2022. The revised amount is reduced by over 50%, from a maximum of 5.819 billion yuan to not more than 2.7 billion yuan.
Before the adjustment, HY Solar intends to issue shares to specific entities to raise funds totalling no more than 5.819 billion yuan. Of this amount, 4.2 billion yuan will be allocated to a high-purity crystalline silicon manufacturing project with an annual output of 50,000 tonnes, while the remaining 1.619 billion yuan will be used to supplement working capital.
After the adjustment, HY Solar will reduce the fundraising for the silicon project from 4.2 billion yuan to 2.7 billion yuan, and the 1.619 billion yuan supplement for working capital will be cancelled.
HY Solar asserted that the total investment of 4.72 billion yuan for the silicon project will remain unaltered. However, HY Solar plans to allocate its self-financing funds to the project prior to the availability of the proceeds of the offering. If the net proceeds fall short of the amount to be invested after deducting the issue expenses once the proceeds are available, the Company will use its own funds to cover the shortfall.
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