IPO Cancelled! SolarSpace Application Withdrawn by Sponsor

PVTIME – China’s Shenzhen Stock Exchange has announced that SolarSpace’s IPO application has been suspended.

SolarSpace (Jiangsu Zhongrun Solar Technology Development Co.,Ltd.), a global manufacturer of solar cells and modules, initiated its IPO application in May 2023 and was approved in December 2023. The IPO aims to raise 2.3 billion yuan, of which 2 billion yuan will be used to construct the second phase of its 8GW high-efficiency solar cell production project, with a total investment of 2.659 billion yuan. An additional 300 million yuan will be provided for capital replenishment. This financial support is expected to reduce SolarSpace’s reliance on debt financing and reduce its debt burden.

The reason for the cancellation of the IPO was that the sponsor, Haitong Securities, applied to withdraw the sponsorship, while SolarSpace did not apply to withdraw the IPO.

SolarSpace is primarily engaged in the research, development, production and sale of high-efficiency solar cells. PV InfoLink reports that in the first half of 2023, SolarSpace ranked third in the world in terms of solar cell shipments. By the end of June 2023, its cell production capacity had reached 45.04GW and was expanded to over 50GW by the end of 2023.

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