Jolywood to Increase by 2.5 Billion Yuan for 16GW Solar Cells

PVTIME – On March 23, Jolywood (Suzhou) Sunwatt Co., Ltd.(300393.SZ) issued a prospectus for the issuance of A-shares to specific targets.

The prospectus shows that Jolywood intends to issue no more than 326,888,207 A-share ordinary shares to specific objects, raising funds of no more than 2.5 billion yuan, which will be used for the smart factory project and capital supplementary.

1.75 billion yuan of the fundraising plans to be used for the smart factory project (phase I) with an annual output of 16GW high-efficiency monocrystalline cells, and 750 million yuan to supplement of working capital.

Jolywood suffered profit losses in 2021 due to the skyrocketing price of raw materials. An estimated loss of 220-280 million yuan in net profit attributable to the parent in 2021 was reported, which was a significant decline compared to the profit of 97 million yuan it made in 2020.