| Singyes Braves Poor Market with HK$72m IPO |
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By Carol Chan, South China Morning Post Curtain wall engineering company China Singyes Solar Technologies Holdings will kick off its HK$72 million initial public offering in Hong Kong today despite the sluggish market, hoping that its "renewable energy" concept could lure inbestors.The Zhuhai-based company, which engages in the walls and thin-film building integrated photovoltaic (BIPV) systems and the production of solar-power products, is selling 60 million shares at between HK$1 and HK$1.20 each until January 6. Trading of the shares is expected to start on January 13.ICEA Capital is the sponsor of the deal. Singyes reported 69.8 per cent growth in first-half profit this year to 52.1 million yuan(HK$59.1 million) on turnover of 374 million yuan. The company expects profit for this year to reach 95.8 million yuan, up from last year`s 70.3 million yuan. Most of Singyes' revenue comes from its conventional curtain wall business. Chairman Liu Hongwei said the company would shift its focus to the BIPV and solar-power product businesses in future. "Demand for BIPV systems and solar-energy products on the mainland will continue to grow as Beijing encourages and promotes energy saving and the use of renewable energy," Mr Liu said in an interview. BIPV systems, which involves the integration of photovoltaic technology into the architectural design of buildings and structures and the conversion of solar energy into electricity, have begun to be used in new buildings on the mainland in the past few years. As Beijing's 4 trillion yuan economic stimulus package takes effect, Singyes expects to secure more public works projects from local governments over the next few years. Mr Liu said revenue from public works was expected to reach 60 to 70 per cent of the company`s total revenue next year, compared with nearly 50 per cent this year. Singyes also planned to expand its business to the Middle East and India, he added. China Singyes Solar Technologies Holdings
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