Xinyi Glass shareholder sells $126 mln worth of shares 27 May 2009 08:08

HONG KONG, May 27 (Reuters) - The controling shareholder in China's Xinyi Glass Holdings Co Ltd <0868.HK> is selling $126.4 million worth of shares at a 7.6 percent discount to its last closing price.

Full Guang Holdings, which had initially planned to sell up to $111.3 million worth of shares in Xinyi Glass, said in a term sheet seen on Wednesday that it was selling 170 million shares, of which 90 million shares were new shares, at the lower end of an indicative range at HK$5.80 per share.

It increased the number of existing shares it planned to sell to 80 million shares from 50 million.

The deal was being handled by Citigroup <C.N> and China International Capital Corp (CICC). The company's shares rose 2.11 percent to close at HK$6.28 on Tuesday.

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Xinyi Glass sells $67 mln in new shares to repay debt 27 May 2009 09:28

HONG KONG, May 27 (Reuters) - Xinyi Glass Holdings <0868.HK> on Wednesday said it would sell HK$522 million ($66.9 million) in new shares to controlling shareholders, raising capital for debt repayment, to fund production and for working capital.

The company said it would sell 90 million new shares at HK$5.80 each to controlling shareholders after the shareholders completed a sale of a total 170 million shares at the same price for HK$986 million ($126.4 million).

The issue price represented a 7.6 percent discount to its last closing price of HK$6.28 on Tuesday.

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Xinyi Glass

According to today's Apple Daily, Xinyi Glass (868 HK - HK$5.65 - BUY) plans to expand the
production capacity of TCO glass further by investing over HK$100m in a production line with annual
capacity of 2.75m sq m of TCO glass. The new production line, which is 4x the production capacity of
the first production line to be commissioned in 2H this year, will commence production in 3Q next year.
We have highlighted previously that the first TCO line is only a pilot project and the company is likely to
expand the capacity further, especially in light of the Chinese government's latest policy to stimulate
domestic demand for solar power by subsidising buildings incorporating the application of solar power.
The company's own production is capable of supplying PV float glass for 5x the expanded TCO capacity.
While our current TP and rating are HK$5.60 and BUY, respectively, with increased investors risk
appetite in the market and the future contribution from the new TCO capacity, we are reviewing our
earnings forecast, TP and rating for the company.

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