Chinese PV Industry Brief: Canadian Solar suspended Shanghai IPO

Canadian Solar was suspended IPO plans to list shares in Shanghai by authority, while polysilicon supplier GCL Tech revealed plans to move from the Hong Kong Stock Exchange to either the Shanghai or Shenzhen stock exchange. Trina and Longi have both reported solid financial results for the first nine months of the year.

Canadian Solar Inc was officially suspended its plans for an initial public offering on the Shanghai Stock Exchange (SSE), as it’s financial information expired and failed to provide required updates by a set deadline. The Chinese-Canadian module manufacturer announced its IPO plans in June 2021 with China International Investment Corp. (CICC) as its listing sponsor.

GCL Technology said this week that its board has approved a proposal to move away from the Hong Kong Stock Exchanges to the mainland Chinese stock market, either in Shanghai or Shenzhen. It said that thus far, it has not submitted any official applications yet, as the proposal must be approved by shareholders.

Longi said its revenue for the first three quarters of this year likely ranged from CNY 86.4 billion ($12.14 billion) to CNY 87.4 billion. Net profit attributable to shareholders likely ranges from CNY 10.6 billion to CNY 11.2 billion. The company attributed its performance to higher silicon wafer and PV panel shipments.

Trina Solar has released its forecast for the first nine months of the year. It expects a net profit attributable to shareholders of CNY 2.03 billion to CNY 2.48 billion. It attributed its performance to rising PV module sales.

The news was re-edited to reflect CSI’s IPO was suspended and may be resumed by China authority if required condition fulfilled.

This post appeared first on PV Magazine.

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