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Today’s announcement indicates either the board or the listing committee of the Hong Kong exchange where the company is listed put a spanner in the works.

Hong Kong-listed solar company GCL-Poly has announced its plans to raise HK$269 million (US$35 million) to pay down debts have lapsed.

GCL-Poly Energy Holdings on April 28 announced its intent to issue 1.3 billion shares – which would have made up 6.15% of the enlarged company – priced at HK$0.209 (US$0.026) each.

The parent company of the polysilicon and wafer manufacturer and heavily indebted solar project developer said the fundraising exercise would generate HK$272 million for the business, for a return of HK$269 million after expenses, with the windfall earmarked to pay off debt and for “general corporate purposes.”

GCL extended the ‘long stop’ date for the exercise until today, via an update on May 15, citing longer time needed to fulfill the conditions precedent for the shares issuance, but today the company conceded at least one of those conditions had not been met and the proposed fundraising would lapse.

The original plan mentioned only two conditions for the placing: approval by the GCL-Poly board and the listing committee of the Hong Kong exchange.