IPO Cancelled! Land-sea New Energy Withdraws Application from SZSE

PVTIME – Guangxi Beibu Gulf Land-sea New Energy Co., Ltd.(Land-sea New Energy), a Chinese state-owned enterprise mainly engaged in the construction and operation of inland locks on the Xijiang River, investment and operation of clean energy, and investment and development of industries along the river, recently announced the withdrawal of its application for listing on the Main Board of the Shenzhen Stock Exchange (SZSE), and the institution terminated its listing review.

Land-sea New Energy’s IPO application was accepted by the SZSE in October 2023. It planned to raise 1.6 billion yuan for renewable energy facilities, including a photovoltaic power generation project, an energy storage project and four wind power generation facilities in China.

Land-sea New Energy has been expanding its renewable energy business in China’s Guangxi Province for many years, with an accumulated installed capacity of 1.04GW, of which the total installed capacity of hydropower projects for 708.5MW, photovoltaic power generation projects for 331.9MW, a leader in Guangxi Province.

In addition, its operating income from 2020 to 2023 were 909 million yuan, 890 million yuan, 927 million yuan, 123 million yuan respectively, while the net profit were 298 million yuan, 276 million yuan, 287 million yuan, -782.37 million yuan respectively.   

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