China-primarily based fuyao glass enterprise organization.
Whose US. Plant become the concern of the oscar-triumphing documentary “American manufacturing facility” in 2020, plans to elevate to hk$four.3 billion, or $550 million. In a stock sale amid improvement in its enterprise this 12 months, in step with a hong kong stock alternate filing on sunday.
The glass dealer, whose automobile industry clients include toyota, volkswagen, standard automobiles, ford and hyundai, plans to sell 101.1 million shares at hk$42.64, representing a totally diluted 3.Nine% stake. Fuyao’s shares exchange in hong kong and shanghai.
Fuyao expects that china’s automobile enterprise “will get better and rebound in 2021” in comparison with pandemic-hit 2020, the organisation said in the declaration. “through using the finances raised from the putting in its running capital, debt reimbursement, research and improvement projects, photovoltaic glass market growth and preferred company uses, the organization may in addition expand its enterprise and optimize its capital structure,” the assertion stated.
Fuyao, which generates nearly 1/2 of its sales from outside of china, also objectives to “attract more international reliable investors with strategic value and improve (the) equity shape of the organisation.”
Revenue ultimate year fell by way of 5.7% to 19.Nine billion yuan, or $3 billion; net income declined with the aid of 10.3% to 2.6 billion yuan. Operations recovered inside the first sector, however: running sales rose with the aid of 37% to five.7 billion yuan and internet income multiplied by way of 86% to 855 million yuan.
China is the world’s no. 1 automobile marketplace; vehicle sales within the united states of america rose by means of seventy five% inside the first zone of 2021 to 6.Five million gadgets. China also makes about 80% of the world’s sun panels; the us of a’s xinyi glass and first glass institution are of the arena’s largest suppliers of photovoltaic glass.
Fuyao, founded in 1987, said about 10% of price range raised from its new stock sale could be used “to amplify the photovoltaic glass marketplace and fashionable corporate uses.”