SHANGHAI, Nov. 12, 2010 /PRNewswire-FirstCall/ -- Solarfun
Power Holdings Co., Ltd. ("Solarfun" or the "Company") (Nasdaq:
SOLF), a vertically integrated manufacturer of silicon ingots,
wafers and photovoltaic ("PV") cells and modules in China, announced that its follow-on public
offering of 8,000,000 American depositary shares ("ADSs"), each
representing five ordinary shares of the Company, was priced at
US$9.00 per ADS, and that the
underwriters have exercised their option to purchase 1,200,000
additional ADSs. This total offering size of US$82.8 million in gross proceeds (including the
gross proceeds from the underwriters' exercise of their
over-allotment option) represents a 6.1% increase compared to the
public offering size announced at the commencement of the public
offering.
Contingent upon and within seven days after the completion
of this public offering, Solarfun plans to issue and sell to Hanwha
Solar Holdings Co., Ltd. ("Hanwha Solar") a certain number of
additional ordinary shares at the public offering price that
will allow Hanwha Solar to maintain its level of equity ownership
in Solarfun immediately prior to the public offering. The
placement of the ordinary shares to Hanwha Solar will be conducted
in an offshore transaction in reliance on Regulation S under the
Securities Act of 1933 and may not be offered or sold in
the United States absent
registration or an exemption from registration.
Solarfun plans to use the total proceeds of approximately
US$165.6 million, including
US$82.8 million from the public
offering and approximately US$82.8
million from the private placement, for capital expenditures
and general working capital purposes.
Morgan Stanley and UBS Investment Bank acted as joint
bookrunners for the public offering.
The public offering was made under Solarfun's registration
statements on Form F-3, filed with the Securities and Exchange
Commission (the "SEC") on June 27,
2008, as amended and supplemented, and pursuant to Rule
462(b) of the Securities Act of 1933, as amended, filed with the
SEC on November 10, 2010. The public
offering was made only by means of a prospectus, filed with the
SEC. The Company's registration statements on Form F-3 and pursuant
to Rule 462(b), preliminary prospectus supplement and prospectus
supplement are available from the SEC website at
http://www.sec.gov.
A copy of the prospectus relating to the public offering may be
obtained by contacting Morgan Stanley & Incorporated, 180
Varick Street, New York, New York
10014; Attention: Prospectus Department, Email:
prospectus@morganstanley.com, Tel: 1-866-718-1649 or UBS Investment
Bank, 299 Park Avenue, New York, New
York 10171, Attention: Prospectus Department, Tel:
888-827-7275.
This press release does not constitute an offer to sell, or the
solicitation of an offer to buy, securities and does not constitute
an offer, solicitation or sale in any jurisdiction in which such
offer, solicitation or sale would be unlawful.
About Solarfun
Solarfun Power Holdings Co., Ltd. (Nasdaq: SOLF) is a leading
manufacturer of silicon ingots, wafers, PV cells and PV modules in
China, focusing on delivering high
quality and reliable products at competitive prices. Solarfun
produces its monocrystalline and multicrystalline products at its
internationally certified, vertically integrated manufacturing
facilities. Solarfun partners with third-party distributors, OEM
manufacturers, and system integrators to sell its modules into
large-scale utility, commercial and governmental, and
residential/small commercial markets.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements constitute "forward-looking" statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
and as defined in the U.S. Private Securities Litigation Reform Act
of 1995. Forward-looking statements involve inherent risks and
uncertainties and actual results may differ materially from such
estimates depending on future events and other changes in business
climate and market conditions. Solarfun disclaims any obligation to
update or correct any forward-looking statements.
For further information, please
contact:
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Solarfun Power Holdings Co.,
Ltd.
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Investor
Contact:
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Paul Combs
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V.P. Strategic
Planning
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Building 1, 18th
Floor
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1199 Minsheng Road,
Shanghai, PRC 200135
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P. R. China
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Tel: 86-21-3852 1533 /
Mobile: 86 138 1612 2768
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E-mail:
paul.combs@solarfun-power.com
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Christensen
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Kathy Li
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Tel: +1 480 614
3036
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E-mail:
kli@ChristensenIR.com
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Tip Fleming
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Tel: +852 9212
0684
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E-mail:
tfleming@ChristensenIR.com
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SOURCE Solarfun Power Holdings Co., Ltd.