China-based LED chipmaker Sanan Optoelectronics has reportedly halted the second-phase construction of its plant in Wuhu, China, following a company annoucement that it has suspended a plan meant to raise funds for the plant project.
The firm recently announced the suspension of capital injection through A-share (specialized shares of the Chinese currency that are purchased and traded on the Shanghai and Shenzhen stock exchanges) issuance. The firm noted that the suspension was due to the weak condition in the financial market.
Sanan announced in May 2011 to issue less than 210 million A-shares in hope to obtain less than CNY8 billion (US$1.3 billion) to fund the second-phase construction of the plant in Wuhu and other projects in Anhui.
