Withdrawal of Application! Betterial IPO Cancelled

PVTIME – On 3 June 2024, the IPO application of Batterial (Changzhou Betterial Film Technologies Co., Ltd.), a leading film manufacturer in China, was withdrawn from the Shanghai Stock Exchange.

In January 2023, Betterial announced that it intends to issue no more than 633.35 billion shares to raise a fund of 1,596,553,400 yuan for its new investment in PV film projects, reconstruction of research centre and working capital supplement.

The first PV film project will be located in Anhui Province of China, with a total investment of 854,380,600 yuan to set up 36 production lines with a combined production capacity of 260 million square metres of photovoltaic film within two years, and the second PV film project will be located in Jiangsu Province of China. It requires an investment of 280,880,700 yuan to set up 12 production lines with 127 sets of new equipment and 2 sets of new systems. Once completed in two years, the annual output is expected to be 88 million square metres of EVA PV film.

From 2019 to the first half of 2022, Betterial’s revenue were 1.026 billion yuan, 1.347 billion yuan, 2.542 billion yuan and 1.987 billion yuan respectively, and its net profit for the same period were 45,759,800 yuan, 121 million yuan, 127 million yuan and 188 million yuan respectively.

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