Zhongrun Solar Energy GEM IPO Application Accepted

2023, the Shenzhen Stock Exchange issued the listing audit information, which showed that Jiangsu Zhongrun Solar Energy Technology Co., Ltd. Shangfeng Cement, through a private equity investment fund established in cooperation with professional institutions, Suzhou Puda Venture Capital Partnership (Limited Partnership) (hereinafter referred to as "Suzhou Puda") (the company holds 99.70% of its investment share), invested 50 million yuan to hold 0.63% of the equity of Zhongrun Solar Energy before the issuance. This is also another company that has been accepted to apply for IPO in Shangfeng Equity Investment after Hefei Jinghe Integration.

The prospectus shows that Zhongrun Solar Energy focuses on the research and development, production and sales of high-efficiency solar cells.

According to PV InfoLink, its cell shipments ranked fourth in the world in 2022. By the end of 2022, Zhongrun Solar Energy has a cell production capacity of 24 GW, and it is expected that its cell production capacity will expand to more than 50 GW by the end of 2023. With excellent product quality, Zhongrun Solar has established close cooperation with downstream leading component manufacturers such as JinkoSolar, JA Technology, Trina Solar, Longji Green Energy, Atlas, Sunny Energy and Yingli Energy to help customers create value continuously. From 2020 to 2022, the compound growth rate of operating revenue of Zhongrun Solar will reach 122.61%; The net profit attributable to the shareholders of the parent company increased from RMB112,203,600 in 2020 to RMB830,057,300 in 2022.

Zhongrun Solar Energy plans to issue no more than 40.01 million shares in this IPO, which is less than 10% of the total equity after issuance, with an estimated financing amount of 4 billion yuan. This fund-raising investment project will focus on its main business, which will further expand the scale of the main business, optimize the company's product structure and enhance the company's market competitiveness. Since the release of the "one main and two wings" strategy

, Shangfeng Cement has been based on cement and "cement plus", continuously extending and expanding the industrial chain, focusing on the fields of chip semiconductor, optical storage, new energy and new materials. It has invested in Hefei Jinghe Integration, Changxin Storage (Ruili Integration), Guangzhou Yuexin, Kunyu Power Supply, Zhongrun Solar Energy, Pioneer Materials, Shenghe Jingwei, etc., with a total investment of about 1.3 billion yuan. The development, growth and circulation of a series of equity investment projects will play an important role in promoting the optimization of the company's capital structure and the enhancement of its comprehensive competitiveness.