HONG KONG, June 12, 2015 /PRNewswire/ -- Kong Sun Holdings Limited ("Kong Sun" or the "Company", SEHK stock code: 295, together with its subsidiaries hereby referred to as the "Group"), is pleased to announce that the Company has completed placement of 1,144.7 million new shares at HK$1.20 per share, representing approximately 11.70% of the total number of issued shares immediately upon completion of the placing.
The net proceeds from the placing is approximately HK$1,335.0 million. Of which, approximately HK$1,201.5 million will be used in the investment in or acquisition of photovoltaic power plant projects. Currently, the Group has secured several photovoltaic power plant projects with an aggregated installed capacity of more than 1,000 megawatts (MW) in the PRC and expect to attain the accumulated installation target of 1,200 MW in 2015.
Dr. Liu Wen Ping, Chairman of Kong Sun, said, "We are delighted with the encouraging response to the share placement through which mainland insurance companies, private equity funds and mainland and foreign financial institutions have become shareholders of Kong Sun. This demonstrates our strong fundraising capability and that our strategy of investing, developing and operating photovoltaic power plants is widely recognized by investors.
"This year, the Company increases its capital through diversified fundraising channels, the total amount involved is over HK$3.50 billion. In addition to the two share placements completed recently, on 28 April 2015, the Company announced to issue HK$400 million bonds and RMB400 million convertible bonds, and expects to raise approximately HK$900 million. On 7 June 2015, the Company also signed a cooperation agreement with Jiangsu Solarbao Finance Lease Co., Ltd. who agreed to provide the Company finance lease credit line of RMB1 billion. We are confident that the additional capital raised through these activities will enable the Company to speed up the investment in and development of the secured photovoltaic power projects which bring attractive returns to shareholders," Dr. Liu Wen Ping added.
China International Capital Corporation Hong Kong Securities Limited, First Shanghai Securities Limited, Kingston Securities Limited and UOB Kay Hian (Hong Kong) Limited are the placing agents of the share placement.
List of grid-connected photovoltaic projects:
| Date
|
Project Location |
Equity Interest |
Installed Capacity |
|
| 30 Oct 2014 |
Hami, Xinjiang |
100% |
20 MW |
|
| 4 Nov 2014 |
Yumen, Gansu |
100% |
20 MW |
|
| 7 Nov 2014 |
Jiuquan, Gansu |
100% |
30 MW |
|
| 9 Mar 2015 |
Yingjisha, Xinjiang |
100% |
20 MW |
|
| 29 Mar 2015 |
Kuche, Xinjiang |
100% |
20 MW |
|
| 29 Mar 2015 |
Wushi, Xinjiang |
100% |
20 MW |
|
| 5 May 2015 |
Hejing, Xinjiang |
100% |
20 MW |
|
| 4 June 2015 |
Makit, Xinjiang |
100% |
20 MW |
|
| 5 June 2015 |
Lanzhou, Gansu |
100% |
49.5 MW |
|
| 219.5 MW |
||||
| Accumulated installation target by the end of 2015 |
1,200 MW |
|||
Company Profile
Kong Sun was mainly engaged in property investment, sales and manufacturing of life-like plants and securities investment. Starting from 2014, the Group commenced investment in photovoltaic power station projects. It currently owns grid-connected projects in Hami, Yingjisha, Kuche, Wushi, Hejing and Makit County of Xinjiang, Yuman, Jiuquan and Lanzhou of Gansu, as well as several photovoltaic power plants under development across China.
In addition, since late April 2014, Kong Sun has also entered into a number of memorandum of understanding and agreements for the investment in and development of photovoltaic power plants in Gansu, Hebei, Inner Mongolia, Anhui, Yunnan and Xinjiang provinces of the country.
The Group has been included in Morgan Stanley Capital International ("MSCI") Global Small Cap Indexes – Hong Kong during the semi-annual index review 2015 with effect as of the close of 29 May 2015.
