Renesola ignores challenging market to launch follow-on

The US-listed solar power play is aiming to raise about $170 million. Meanwhile, UOB tries to sell a $38.6 million stake in WuXi PharmaTech at a fixed-price.

Tumbling stocks, weak employment data, soaring crude oil prices, increased chances of a US rate hike and a downgrade to underweight by a major US investment bank û the current conditions certainly aren't the most conducive for a capital raising exercise. But solar wafer manufacturer Renesola appears to be shrugging it all off and on Friday launched a follow-on offering of American depositary shares ADS that could raise about $170 million to $180 million, based on current prices.

The marketing...

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