LONGi Green Energy plans to raise $2.8 billion in Swiss issuance

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Chinese solar-power equipment maker LONGi Green Energy Technology

is seeking to raise 20 billion yuan ($2.78 billion) via an issuance of global depository receipts in Switzerland.

The Shanghai-listed company said in a stock-exchange filing Tuesday that it plan to use proceeds to invest in five solar-module projects in Inner Mongolia, Malaysia and Vietnam to “optimize the layout of overseas investment” and expand production capacity.

The company, with a market value of just over $30 billion after a 32% year-to-date slide in its share price, didn’t specify a timeline for the sale of shares.

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