HONG KONG, Sept 28 (Reuters) – ENN Solar, the solar cell company controlled by the chairman of Xinao Gas Holdings (2688.HK), could seek a listing in Hong Kong as early as the middle of next year, the South China Morning Post reported on Monday.
The listing would provide capital to raise capacity for the 10 billion yuan ($1.5 billion) solar company, which produces thin-film solar cells, Xinao executive director Wilson Cheng told the newspaper in an interview.
ENN's first production line is expected to start operating commercially next spring at a cost of 1.4 billion yuan, Cheng was quoted as saying by the newspaper.
"The second production line won't be built until the listing proceeds are raised," he said.
He added that International Finance Corp, holder of a 2.4 percent Xinao stake, was interested in taking a stake of less than 10 percent in ENN prior to the offering.
China is home to a large number of solar cell makers, including Suntech (STP.N), Canadian Solar Inc (CSIQ.O) and Soarfun Power (SOLF.O), but most produce traditional solar cells whereas ENN makes higher-tech thin-film cells that are more flexible but less efficient.
