Tuesday, January 15, 2008

Himin Solar Energy Gains USD 100 million Foreign Investment

Monday, January 14, 2008; Posted: 07:16 AM

DEZHOU, Jan 14, 2008 (SinoCast via COMTEX) -- Shandong Himin Solar Energy Group Co, Ltd. is to speed up its IPO with the help of international investment companies.

The private solar water heater and vacuum tube producer signed a letter of intent with Goldman Sachs (NYSE: GS), and CDH Investments on January 10, 2008, according to which its two partners will first inject USD 100 million into the company.

They will sign a formal agreement in Beijing before long.

As to the stake the foreign investors are to hold in Himin Solar Energy, its board chairman Huang Ming previously hoped it would reach about more than 20%.

Himin Solar Energy started its preparations for listing several years ago, first targeted the Stock Exchange of Hong Kong, then changed to A-share markets, because its products are oriented to domestic customers, it can gain higher price-to-earnings ratio as well as reputation in Mainland China.

Its sales surged 50% year on year and net profits more than doubled in 2006.

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