Monday, March 9, 2009

China's Himin Solar plans A-share IPO in 2010

BEIJING, March 3 (Reuters) - Himin Solar Energy Group, China's top maker of solar water heaters, plans an initial public offering of mainland-listed A shares next year, its president, Huang Ming, said on Tuesday.

The company may also consider an overseas listing, Huang told Reuters ahead of the start of the country's annual parliament meeting.

Huang had said in the spring of last year that the company planned to list domestically in 2008 or 2009, although in comments in December on the company's IPO plans he declined to give a timetable.

He said on Tuesday that the company would invest more than 1 billion yuan ($146 million) this year and estimated that its production capacity would double by the year-end.

The company also foresaw a more than 40 percent rise in sales this year, compared with less than 30 percent growth last year, he said.

Himin Solar announced in December that it had secured a nearly $100 million investment from Goldman Sachs (GS.N) and China's CDH Ventures. ($1=6.843 Yuan)

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