Norton Rose Fulbright has advised HSBC as the sole placing agent in the HK$1.15 billion top-up placing of 500,000,000 shares in Xinyi Solar Holdings Limited.

The net proceeds from the transaction are intended to be used as capital expenditure of solar farm projects and solar glass production plant in Malaysia and general working capital of the Xinyi Solar Group.

Xinyi Solar is one of the largest solar PV glass manufacturers in the world and was listed on the main board of the Hong Kong Stock Exchange in December 2013. Based in China, Xinyi Solar has production bases in Wuhu and Tianjin, with 3,800 tons of solar PV glass production lines in total.  Xinyi Glass is one of the substantial shareholders of Xinyi Solar and is also a company listed on the Main Board of the Hong Kong Stock Exchange.

The transaction involves a placing agreement entered between Xinyi Group (Glass) Company Limited (as vendor), Xinyi Solar, Xinyi Glass Holdings Limited ("Xinyi Glass", as guarantor of the vendor) and HSBC (as placing agent), and a subscription agreement between the Xinyi Group (Glass) Company Limited (as subscriber) and Xinyi Solar (as issuer) in relation the issuance of new shares equivalent to the number of the placing shares.

The Xinyi Group (Glass) Company Limited is an indirectly owned wholly subsidiary of Xinyi Glass and Xinyi Glass acts as the guarantor in the transaction. The top-up subscription also constituted a discloseable transaction of Xinyi Glass under the Listing Rules.

The team was led by Psyche Tai, assisted by Harold Tin, Vicky Lam and Patrick Wong.