Fosun invests in Hong Kong-listed Goldpoly New Energy
Fosun Group has invested in Goldpoly New Energy Holdings, a Hong Kong-listed Chinese solar power station operator, by subscribing to a $50 million convertible bonds offering. China Orient Asset Management and US-based asset management firm York Capital were also among investors.
The convertible securities are priced at HK$1.6 apiece, maturing in 2016 with an annual cash coupon of 5%. Completing full conversion, the bonds will be convertible into approximately 242 million shares, representing about 12.44% of the issued share capital of the company, according to a statement.
The company is also considering increasing the aggregated principal amount of convertible bonds to $100 million within two months after the subscription agreement.
The net proceeds will be used for developing the solar power business of the company, and covering general operating costs.
"Corporations well-renowned both at home and abroad are playing their part in the strategic development of our PV power plant projects," said Alan Li, executive director of Goldpoly. "They not only provide financing support but also related resources. This is believed to give an enormous impetus to expand our footprint in China's solar farm sector. Their participation is of great importance and has a profound influence on promoting our business model in the new energy sector."
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