“American Factory” Owner Fuyao Glass To Raise $550 Mln, Eyes Solar Market

China-based Fuyao Glass Industry Group, whose U.S. plant was the subject of the Oscar-winning documentary “American Factory” in 2020, plans to raise to HK$4.3 billion, or $550 million, in a stock sale amid improvement in its business this year, according to a Hong Kong Stock Exchange filing on Sunday.

The glass supplier, whose auto industry customers include Toyota, Volkswagen, General Motors, Ford and Hyundai, plans to sell 101.1 million shares at HK$42.64, representing a fully diluted 3.9% stake.  Fuyao’s shares trade in Hong Kong and Shanghai.

Fuyao expects that China’s automobile industry “will recover and rebound in 2021” compared with pandemic-hit 2020, the company said in the statement. “By using the funds raised from the placing in its working capital, debt…