Juli Sling (002342) canceled its private placement plan drafted three months ago to fund investment in the photovoltaic industry, citing “tremendous uncertainties,” reports Shanghai Securities News, citing a company filing.

Previously, the firm planned to issue 61 million shares to 10 designated investors with the hope of raising as much as 1.2 billion yuan to obtain a 100-percent stake in Juli New Energy. The target researches and produces solar energy batteries.

Juli Sling will not organize that kind of investment within next three months. Market experts doubt the stated reason for cancelling the plan, since Juli Sling once claimed that the domestic solar energy is emerging rapidly and has a bright future.

The firm, which is based in Baoding city, Hebei province, yielded net profits of 118 million yuan for first half of 2011, up 17.08 percent year-on-year. Sales revenues grew 10.61 percent year-on-year to 761 million
 

Source:CapitalVue