PVTIME – On 15 October 2024, Hainan Drinda New Energy Technology Co. (Drinda, 002865.SZ), a China-based company principally engaged in the research, development, production and sale of photovoltaic cells, submitted its application to list on the Hong Kong Stock Exchange (HKEX) for the second time.
Drinda had applied to list on the HKSE on 6 February 2024, but the application lapsed in August as the listing was not completed within six months. If Drinda successfully lists on HKEX, it will be the first PV cell manufacturer to be listed on both mainland China and HKEX, as it has been listed on the Shenzhen Stock Exchange since April 2017.
Founded in 2003, Drinda was originally involved in the automotive interior and exterior decoration business, selling automotive instrument panels, front and rear bumpers, etc. In 2021, Drinda completed the acquisition of Jietai PV, a photovoltaic company, and expanded to the production and sales of TOPCon solar production, with a significant increase in output in 2022. At present, it is mainly engaged in the development, production and sales of high-efficiency solar cells of various generations, including n-type TOPCon cells and p-type PERC cells.
In the first half of 2021, 2022, 2023 and 2024, Drinda achieved revenues of 1.639 billion yuan, 11.086 billion yuan, 18.611 billion yuan and 6.355 billion yuan, respectively, with net profits of 53.7 million yuan, 617 million yuan, 816 million yuan and -166 million yuan in the same period.
In 2024, in addition to the continued expansion of production and the iteration of n-type technology, the expansion of overseas markets is another important mission for Drinda. The share of its overseas sales was increased from 4.2% in the first half of 2023 to 13.8% in the same period of 2024, maintaining an upward trend.
The funds from the IPO application will be used to build an overseas PV cell production base with an annual capacity of about 5GW, which is expected to start commercial production by the end of 2025, and to establish and strengthen its overseas sales business and distribution channels.
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