HONG KONG (Reuters) - Hanergy Thin Film Power Group Ltd said on Sunday it expects its shares to be withdrawn from the Hong Kong stock exchange on June 11 after its shareholders approved a plan to take the company private and re-list it in mainland China.
Shareholders in the solar firm will receive shares in a special purpose vehicle (SPV) which will hold stock of the future A share-listed company, Hanergy Thin Film said in a statement.
“In this way, independent shareholders may eventually unleash the value of their shares held and cash in,” the company said.
Trading in Hanergy Thin Film has been suspended for over three years following a spectacular price collapse in May 2015 which saw $19 billion in market value wiped out before the company asked for the trading to be suspended. After a five-fold increase over the previous 12 months, it plunged 47 percent in 24 minutes.
Hanergy Thin Film said it had appointed advisers in China to conduct due diligence work on its listing there. The reorganization work for the listing would be completed within six months following which the company will appoint sponsors and legal teams to work on the listing, Hanergy Thin Film said.
Reporting by Julia Fioretti; editing by Emelia Sithole-Matarise