Slaughter and May, Hong Kong, advised Citigroup Global Markets Limited, as the placing agent, in relation to the placing of 300,000,000 new shares in Xinyi Solar Holdings Limited (Xinyi Solar). The gross proceeds from the placing were approximately HK$3.9 billion. Xinyi Solar intends to use the net proceeds from the placing for capital expenditure of solar glass production capacity expansion, solar farm projects, and as general working capital. The placing was completed on 28 December 2020.

Xinyi Solar is a leading global solar glass manufacturer principally engaged in the production and sale of solar glass products, development and operation of solar farms and the provision of engineering, procurement and construction services. It has been listed on the Main Board of the Stock Exchange of Hong Kong since 12 December 2013.