PVTIME – Zhejiang Jingsheng Mechanical & Electrical Co. (JSG, 300316.SZ), a Chinese high-tech company specialising in the production of high-end semiconductor equipment and LED substrate materials, has announced its proposal to withdraw its application to list on the Shenzhen Stock Exchange via the spin-off of its subsidiary, Meijing Material (Zhejiang) Co. (MJG) due to market instability.
The IPO application was first announced in April 2023 and the documents were accepted in October 2023. MJG’s principal business is the research and development, production and sale of quartz crucibles for the production of monocrystalline silicon materials for solar energy and semiconductors. It intended to raise a fund of 1.5 billion yuan for the construction of R&D centre, quartz crucible manufacturing base, quartz crucible expansion project and working capital supply.
In addition, in the period from 2020 to 2022, MJG’s operating income was 43.39 million yuan, 171 million yuan and 1.092 billion yuan, respectively, while its net profit was -3.2 million yuan, 15.63 million yuan and 310 million yuan, respectively.
Scan the QR code to follow PVTIME official account on Wechat for latest news on PV+ES
, a Chinese high-tech company specialising in the production of high-end semiconductor equipment and LED substrate materials, has announced its proposal…){kind=link}