Comtec Solar Technology, a Shanghai-based wafer manufacturer, plans to resubmit a listing application to the Hong Kong stock exchange for a proposed US$100 million main-board offering, following the departure of JP Morgan as the deal's sponsor, sources said.
The company had planned to tap the market after it won in principle approval from the stock exchange's listing committee late last year but it pulled out due to weak market momentum.
'A couple of investment banks are chasing the deal as they believe investors are buying into the alternative energy sector theme,' said a source close to the offering.
Another source said the deal was likely to come to the market in October. JP Morgan declined to comment.
Comtec's preliminary listing document has been relodged with the exchange to revive the process. It also had to file a new listing application with updated financial and operating information for the last financial year as well as details on new sponsors.
A direct investment firm from Hong Kong and one from the mainland took substantial stakes in Comtec a few years ago, the sources said.
Comtec's main business is manufacturing semiconductor wafers and producing ingots and wafers for the solar energy industry.