Saturday, May 12, 2007

China's Yingli Green Energy files for IPO worth up to $350M

The Associated Press Published: May 11, 2007

WASHINGTON: Yingli Green Energy Holding Co. Ltd., a Chinese maker of solar cells, filed Friday for an initial public offering of up to $350 million (€259.53 million) in American Depositary Shares.

The company would become the sixth Chinese solar-power company to be listed in the United States.

The company said it plans to list its ADSs on the New York Stock Exchange under the symbol "YGE."

Details about the number of ADSs to be offered or an estimated price range for the offering weren't disclosed in the company's prospectus filed with the U.S. Securities and Exchange Commission.

The company said it intends to use the net proceeds from the IPO to fund a planned expansion of manufacturing capacity, to buy raw materials, repay debt and for other general corporate purposes.

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