Tonglin to Issue 30 Million Shares for PV Junction Boxes and Other Projects

PVTIME – November 21, Jiangsu Tonglin Electric Co., Ltd (hereinafter referred to as Tonglin) announced its intent for IPO and listing on GEM. According to the announcement, the number of shares issued by Tonglin this time shall not exceed 30 million, accounting for no less than 25% of the total shares after issuance. This issuance is all new shares, and the original shareholders do not offer shares to the public.

After deducting the issuance costs, the actual funds raised by the company will be used for the company’s main business-related projects, including: photovoltaic junction box technological transformation and expansion projects, R&D center upgrade construction projects, smart enterprise information construction projects, and supplementary working capital.

According to the announcement, Tonglin’s main business is the R&D, production and sales of solar photovoltaic module junction boxes and other accessories. It is one of the large-scale enterprises in China’s photovoltaic junction box industry.

From January to September 2021, Tonglin achieved operating income of RMB 926.648 million, a year-on-year increase of 60.24%. After deducting non recurring profits and losses, the net profit attributable to shareholders of the parent company was 61.6023 million yuan, a year-on-year decrease of 12.16%.