Another Photovoltaic Company IPO Terminated!

On December 13, the Shenzhen Stock Exchange released a dynamic display that the IPO of Rainbow New Energy has been terminated.

It is understood that on December 28, 2021, the Shenzhen Stock Exchange accepted the application documents for Rainbow Xinneng's initial public offering and listing on the GEM in accordance with the law, and conducted an examination in accordance with the law. On December 11,

2023, Rainbow Xinneng and its sponsor Guotai Junan applied to withdraw their IPO application documents , and the Shenzhen Stock Exchange decided to terminate its initial public offering and listing on the GEM. According to

the data, the main business of Rainbow New Energy is the research and development, production and sales of photovoltaic glass. In addition to photovoltaic glass, the company has also been engaged in photovoltaic modules, new materials (lithium battery cathode materials, electronic silver paste, photoresist) and other businesses. At the end of 2020, the company transferred the equity of subsidiaries engaged in the above businesses. Since 2021, all the company's income has come from photovoltaic glass. In this IPO, the company originally planned to raise 2 billion yuan for the first phase of Shangrao ultra-thin and high transparent photovoltaic glass project of Jiangxi Rainbow Photovoltaic Co., Ltd. and to supplement liquidity.

It is reported that during the reporting period from 2020 to 2022, the operating income of Rainbow New Energy Company was 2.626 billion yuan, 2.067 billion yuan and 2.470 billion yuan respectively, and the net profit deducted from non-return to mother was 63.5891 million yuan, 159 million yuan and 83.1105 million yuan respectively, showing large fluctuations.