Taiwan-based merchant cell and module producer Neo Solar Power (NSP) said its downstream IPP (Independent Power Producer) entity Clean Focus Yield (CFY) is to be listed on the Hong Kong Stock Exchange and its CFO would move to the IPP.
NSP noted that CFY would separately be raising around €100 million from outside investors after NSP injected US$44 million in the company in November, 2016 to support the acquisition of around 300MW of PV system projects, and plan for the public listing on Hong Kong Stock Exchange
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The stock listing would enable CFY to further expand its project business and increase NSP’s sales pipeline for its solar cells and modules.
No timelines were given for the IPO.
CFO change
With the planned stock listing, NSP noted that Thomas Hsu, NSP’s CFO would become the CFO of CFY. He will be replaced at NSP by Michael Kung. Hsu will also serve as a special assistant to NSP Chairman & CEO.
Michael Kung holds MBA degree from University of Massachusetts and has over 20 years of experience in banking and industries. Before joining NSP, he has worked for Chase Manhattan Bank (currently known as JP Morgan Chase Bank), Citibank, Crédit Agricole Corporate and Investment Bank and Taiwan Semiconductor Manufacturing Company (TSMC). He has also once served as CFO of Tatung Company and TSRC Corporation.