PVTIME – Jiangsu Tongrun Equipment Technology Co.,Ltd.(Tongrun Equipment, 002150.SZ), a professional company specialising in the production of photovoltaic inverters, energy storage systems, metal tool boxes and cabinets, steel office furniture, precision sheet metal parts, agricultural machinery and other products, recently announced that it will issue A-shares to specific targets to raise a total of not more than RMB1.7 billion (inclusive) for investment in photovoltaic power generation and energy storage projects.
After deducting the issue costs, RMB1.35 billion will be used for a photovoltaic product and solar inverter manufacturing project with a capacity of 18GW per year and an energy storage system project with a capacity of 5GWh, and the remaining RMB350 million will be used to replenish working capital and repay bank loans.
The shares will be issued to a maximum of 35 investors, including CHINT Electric, the controlling shareholder of Tongrun Equipment, who meet the conditions set by the China Securities Regulatory Commission (CSRC). Of these, the proportion of shares to be issued to specific targets to be subscribed for in cash by CHINT Electric is 29.99% of the number of shares to be issued to specific targets.
In addition, Tongrun Equipment completed the asset reorganisation in May 2023 and its controlling shareholder changed to Zhejiang CHINT Electrics Co., Ltd (601877.SH). At the same time, CHINT Power, which was engaged in the production of photovoltaic inverters, energy storage products and solutions, was merged into Tongrun Equipment.
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