PVTIME – SolarSpace (Jiangsu Zhongrun Solar Technology Development Co.,Ltd.), a global manufacturer of solar cells and modules announced on 15 December 2023 that its initial public offering (IPO) had been approved and would be listed on the Shenzhen Stock Exchange.
The IPO aims to raise 2.3 billion yuan, with 2 billion yuan allocated for the construction of the second phase of its 8GW high-efficiency solar cell production project, which has a total investment of 2.659 billion yuan.
An additional 300 million yuan will be allocated for capital replenishment. This financial support is expected to decrease SolarSpace’s reliance on debt financing and alleviate its debt burden.
SolarSpace is primarily involved in researching, developing, producing, and selling high-efficiency solar cells. PV InfoLink reports that SolarSpace ranked third in the world for solar cell shipments in the first half of 2023. By the end of June 2023, the production capacity of cells had reached 45.04GW, and it will be expanded to over 50GW by the end of 2023.
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