SHANGHAI, Nov. 9, 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, today announced that it intends to
offer, subject to market and other conditions, up to an aggregate
sale price of US$67,843,658 of
American depositary shares ("ADSs"), each representing five
ordinary shares of the Company. Solarfun intends to grant the
underwriters an option to purchase up to an additional 15% of the
offering size.
Solarfun plans to use the net proceeds from the offering for
capital expenditures and general working capital purposes.
Morgan Stanley and UBS Investment Bank are acting as joint book
runners for this offering.
This offering will be made under Solarfun's registration
statement on Form F-3 filed with the Securities and Exchange
Commission on June 27, 2008, as
amended and supplemented. The offering will be made only by means
of a prospectus. Before you invest, you should read the prospectus,
the prospectus supplement (including information incorporated by
reference), the registration statement, and the other documents
that the Company has filed with the SEC for more complete
information about the Company and this offering. The Company's
registration statement on Form F-3 and preliminary prospectus
supplement are available from the SEC website at
http://www.sec.gov.
A copy of the prospectus relating to the 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.
Contingent upon and within seven days after the completion
of this 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 current level of equity
ownership in Solarfun. The placement of securities 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.
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 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.