On September 28, the Shenzhen Stock Exchange announced the Decision on Terminating the Initial Public Offering of Gaojing Solar Energy Co., Ltd. and Listing on the GEM.
According to the announcement, on September 27, Gaojing Solar submitted an application to the Shenzhen Stock Exchange to revoke its application documents for listing on the GEM. The next day, the Shenzhen Stock Exchange, through its application, decided to terminate the examination of the initial public offering and listing of Gaojing Solar Energy on the GEM.
So far, the IPO journey of Gaojing Solar Energy, which has been in the industry for three years, has come to an end after three months. This "greenhouse" flower surrounded by capital chose to terminate itself when it was tested by the market. However, this behavior is not the first one in the photovoltaic financing market this year. Tongwei , the industry leader , also took the initiative to terminate the fixed increase plan of no more than 16 billion yuan on the 27th. Huayao Optoelectronics has only experienced 51 days to announce the termination of its IPO.
According to industry media analysis, the current market value performance of photovoltaic listed companies tends to be flat. So choosing to withdraw the IPO at this time may be more beneficial to the company's development in the long run. According to people familiar with the situation, the possibility that Gaojing Solar will submit its listing plan again will not be ruled out in the future. According to the
data, Gaojing Solar Energy was founded in 2019, formerly known as "Zhuhai Huafa Entity Platform Operation Management Co., Ltd.". On July 15,
2020, IDG Capital and Zhuhai Huafa Group Co., Ltd., which were defeated by TCL Technology in the Central Mixed Reform Project, decided to "create another Central". Five months later, "Zhuhai Huafa Entity Platform Operation Management Co., Ltd., a subsidiary of Huafa Group" was renamed Gaojing Solar Energy, and Xu Zhiqun, Chief Operating Officer of Jingke Energy, joined the company.
With the rapid development of the photovoltaic industry , from 2020 to 2022, the total assets of Gaojing leaped from 254 million yuan to 16.28 billion yuan, and its revenue from 89100 yuan to 2.49 billion yuan to 17.57 billion yuan. It has increased nearly 20 times in two years. Within three years, the company realized profits in the second year, with profits of 108 million and 1.82 billion respectively in 2021 and 2022. On June 1,
2023, Gaojing Solar Energy Co., Ltd. submitted a prospectus (declaration) for its initial public offering and listing on the GEM. The fund will be used for Yibin 25GW monocrystalline silicon rod and 5GW monocrystalline silicon wafer production and construction projects, R & D center construction projects and supplementary liquidity.
Up to the time of publication, Gaojing has built 55 GW monocrystalline silicon rods and 75 GW monocrystalline silicon wafers. The prospectus shows that in the future, Gaojing will gradually expand the production capacity of large-size monocrystalline silicon rods and wafers based on the three bases of Zhuhai, Xining and Yibin, and strive to achieve the production capacity layout of large-size monocrystalline silicon rods above 100g W.
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