Wednesday August 13, 10:02 am ET
SHANGHAI, China–(BUSINESS WIRE)–Solarfun Power Holdings Co., Ltd. (SOLF), an established vertically-integrated manufacturer of silicon ingots and photovoltaic (“PV”) cells and modules in China, today announced the completion of its equity offering pursuant to the sales agency agreement with Morgan Stanley & Co. Incorporated dated July 17, 2008. Upon the completion of the offering at the market close on August 12, 2008, Solarfun had issued and sold 5,421,093 ADSs with an aggregate sale price of US$73,877,875.07. Solarfun currently expects to use the net proceeds from the offering of US$71,883,403.84 for capital expenditures on ingot, wafer and cell manufacturing equipment, purchases of polysilicon supplies, the acquisition of the remaining 48% equity interest in our Yangguang Solar Technology Co., Ltd. subsidiary and for working capital purposes.
The United States Securities and Exchange Commission declared Solarfun’s registration statement relating to these securities to be effective on July 16, 2008. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.
