Shunfeng Photovoltaic International has postponed a large stock share issue announced in May 2014 due to recent volatility on international and Hong Kong stock markets.
Shunfeng had wanted to issue 600,000,000 shares at a placing price of not less than HK$10.00 per share totalling around US$774 million. The planned capital was expected to be used in PV power plant projects and new business ventures.
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The company recently said it had backed out of a proposed deal for a geothermal heat pump company.
Shunfeng said that it would “continue to monitor market conditions” and “pursue an equity capital raising at an appropriate time”.