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. The company is one of the first such manufacturers on the mainland able to mass-produce 156mm x 156mm monocrystalline solar wafers with a thickness of about 170 microns, according to its website. Sources close to the deal said proceeds from the proposed initial public offering would be mainly spent on capacity expansion. The company reached an annual solar energy conversion capacity of 60 megawatts in the first half, which will increase to 200 MW by September this year and to 500 MW next year. 'Last year was a disaster for the solar industry as everybody in the industry made the same mistake of buying too much polysilicon at high prices,' said an analyst. The price of polysilicon, a purified form of silicon - the world's second-most abundant element - has plummeted from a high of just over US$430 per kilogram last year to as low as US$60 early this year. However, the analyst said government support for the alternative energy industry was creating a more positive operating environment. Listed peer Solargiga Energy Holdings is currently trading at 43 times its 2009 expected earnings.