5 Billion Yuan! Meike Solar to Raise Funds for Flotation

PVTIME – Jiangsu Meike Solar Technology INC, a China-based high-tech enterprise specialized in R&D and production of solar grade mono wafer, recently announce that its application for IPO has been accepted by Shenzhen Stock Exchange, and the sponsor is Guosen Securities Co.,Ltd. Meike Solar intends to raise no more than 145,910,830 shares, which will be approximately CNY 5 billion to invest in the third phase of Meike’s 20GW monocrystalline silicon pulling project and to supplement working capital CNY1.25 billion.

The 20GW silicon rods project will be imitated by Baotou Meike Silicon Energy Co., Ltd, a wholly-owned subsidiary of Jiangsu Meike Solar. The company plans to build monocrystalline production workshop, machining workshop, sewage treatment station, chemical warehouse, boiler room, raw and auxiliary material warehouse and related supporting facilities. Meanwhile, the company plans to purchase grinding machine, square machine and other production equipment, and it is expected to add 54,000 MT more production capacity of monocrystalline silicon rods every year.