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Xinyi Glass: CNY 600 million investment over next two years

Xinyi Glass Holdings, China“s largest exporter of autoglass, plans to invest CNY 600 million over the next two years to raise production capacity as mainland demand remains strong, Hong Kong-based ne…

Xinyi Glass Holdings, China“s largest exporter of autoglass, plans to invest CNY 600 million over the next two years to raise production capacity as mainland demand remains strong, Hong Kong-based newspaper The Standard reported. The company has no plans to place shares or issue bonds and will finance the move from internal resources and bank loans, the said. “Issuing convertible bonds or placing shares is not a preferred option”, the newspaper quoted Xinyi chief financial officer Jason Lau as saying. The company plans to increase annual output of low-emission construction glass by more than 60% over the next two years to 2.5 million square meters, while it will also increase its annual capacity for autoglass and bus windshields by 500,000 units and 30,000 units, the newspaper said, without providing current figures. Xinyi also aims to open a production line in 2008 for its latest autoglass product, Solar X, with a capacity of 25,000 pieces per annum, the newsaper added. Chinese import volumes of sheet glass rose 18% in the first eight months of 2006, while imports of ultra-clear photovoltaic glass jumped 76%, the newspaper said.

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