IPO Cancelled! M-cells Fails to Raise Funds for TOPCon and HJT Production

PVTIME – On 10 July 2024, M-cell’s IPO application was stopped by the Shenzhen Stock Exchange.

The IPO was initiated in August 2023 to raise 1.5 billion yuan for the construction of solar cell projects with a production capacity of 5GW of TOPCon and 2GW of HJT cells per year.

Solar cell production is the main business of M-cell, accounting for 87.94% of revenue in 2022. Its solar cell production capacity was 1.41GW, 1.46GW and 2.35GW in 2020, 2021 and 2022 respectively, all of which were p-type cells. And its R&D investment in the reporting period was 30.05 million yuan, 36.48 million yuan and 85.93 million yuan respectively.

M-cells (Zhejiang Fortune Energy Co., Ltd.), a China-based company specialising in the research and development, production of crystalline silicon solar cells and deployment of distributed solar power systems, was established in May 2006. It had applied for an IPO twice, in December 2015 and January 2018 respectively, and both failed.

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