12.12.08
BEIJING (XFN-ASIA) - Goldman Sachs and CDH Investment have jointly invested nearly 100 mln usd in Himin Solar Energy Group, based in eastern China's Shandong province, the three parties said.
Huang Ming, chairman of Himin, said at a media briefing that the funds would be used to help fuel the company's growth and finance research and development.
The deal was initially announced in early 2008, but was delayed due to the financial crisis, said Huang.
Himin will seek to float A-shares, Huang told reporters.
'The timing of a listing is not entirely up to us,' he said, adding that some 300 companies are in the queue for regulatory approval.
Huang declined to disclose the stake that Goldman Sachs and CDH have secured.
A source close to the matter told XFN-Asia that the stake is around 15 pct.
'Goldman Sachs and CDH will continue to fund Himin Solar if Himin continues to expand,' Goldman Sachs (Asia) managing director Zhang Yi said at the briefing.
Himin, China's top maker of solar water heaters, plans to set up marketing and logistics centers in Xi'an, Wuhan and Hangzhou. The company has a major R&D center in Qingdao.
The company is seeking to expand its market by 50 to 100 pct next year.
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