Chinese solar-power equipment maker LONGi Green Energy Technology 601012, -2.58% is seeking to raise 20 billion yuan ($ 2.78 billion) via an issuance of global depository receipts in Switzerland.
The Shanghai-listed company said in a stock-exchange filing Tuesday that it plan to use proceeds to invest in five solar-module projects in Inner Mongolia, Malaysia and Vietnam to “optimize the layout of overseas investment” and expand production capacity.
The company, with a market value of just over $ 30 billion after a 32% year-to-date slide in its share price, didn’t specify a timeline for the sale of shares.