GCL New Energy proposes to issue 5,201,922,393 rights shares at HK$0.45 each (US$0.06), on the basis of three rights shares for every eight shares held by eligible shareholders.

GCL New Energy’s listed parent, GCL-Poly Energy Holdings Limited, will participate in the GCL New Energy rights issue and is conducting a concurrent rights issue to raise approximately US$444m – it will use part of the proceeds to fund the subscription of the GCL New Energy rights shares.

GCL New Energy is principally engaged in the development and operation of solar power stations.

The Freshfields team advising on the rights issue was led by China Chairman Teresa Ko.