PVTIME – Guangzhou Ruxing Technology Development Co., Ltd. (Rutech), a leading electronic paste enterprise has withdrawn its IPO application at the Shenzhen Stock Exchange of China.
It has also stopped raising funds. The funds was planned to be invested in the first phase of paste materials for the production of high-efficiency silicon solar cells, with a total investment of 623.2 million yuan, a R&D centre with investment of 458.62 million yuan, and 418.18 million yuan for working capital.
Rutech was established in July 2000 and is headquartered in Guangzhou City, China. Its clientele includes numerous leading solar cell manufacturers, such as Tongwei, LONGi, Aiko, Trina Solar, JA Solar, Canadian Solar, Jinko, and others.
Rutech has made significant contributions to the field of electronic materials research and development, particularly in the area of thick film coating materials. It has developed and produced thermistor aluminium paste and crystalline silicon solar cell paste. Its shipments of aluminium paste for crystalline silicon solar cells have been the first in the world since 2009. Furthermore, its shipments of back electrode paste products for crystalline silicon solar cells have been the first in China since 2012 and in the world since 2018. Since 2016, the greatest number of shipments of PERC aluminium paste products have been made globally. Similarly, since 2018, the greatest number of shipments of PERC battery back electrode paste products have been made globally.
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