Chinese Solar-Power Co. Suntech Power Files for U.S. Initial Public Offering of Up to $300M November 2, 2005 - 12:39:17
WASHINGTON (AP) - A Chinese manufacturer of solar cells, Suntech Power Holdings Co., has registered for a U.S. initial public offering of up to $300 million, according to a filing Tuesday with the Securities and Exchange Commission.
The company said it plans to list its American Depositary Receipts on the New York Stock Exchange under the symbol "STP."
The company said it intends to use about $100 million of the net proceeds for raw materials, about $40 million to expand manufacturing lines, about $20 million to enhance research and development efforts, and the remaining for general corporate purposes and for potential acquisitions.
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