Sunvim said that the funds came from its previous share issuance, through which the company raised about RMB1.26 billion. The company had spent RMB794.16 million of the new funds on home textile projects as of the end of May 2009. The company decided to use the remaining funds for its PV industry development, in view of the slowdown in the global textile market.
It is estimated that the company’s crystalline silicon solar cell components production capacity will reach 50 MV by the end of 2009.
