Xinyi Glass Holdings, China's largest exporter of autoglass, plans to invest CNY 600M over 2 years to raise production capacity as mainland demand remains strong, Hong Kong-based newspaper The Standard reported. The company has no plans to place shares or issue bonds & will finance the move from internal resources & bank loans. "Issuing convertible bonds or placing shares is not a preferred option", the newspaper quoted Xinyi CFO Jason Lau as saying. The company plans to increase annual output of low-emission construction glass by more than 60% over the next 2 years to 2.5M/sm, while it will also increase its annual capacity for autoglass & bus windshields by 500,000 units & 30,000 units, the newspaper said, without providing current figures. Xinyi also aims to open a production line in 2008 for its latest autoglass product, Solar X, with a capacity of 25,000 pieces/pa. Chinese import volumes of sheet glass rose 18% in the first eight months of 2006, while imports of ultra-clear photovoltaic glass jumped 76%, the newspaper said.
