PVTIME – Recently, Guangzhou Sanjing Electric Co. (Sanjing Electric/SAJ), a manufacturer and supplier of motor drive and control technology, renewable energy conversion, transmission and storage solutions, announced that its application for listing on the Shanghai Stock Exchange (SSE) has been cancelled after the filing of the withdrawal document.
SAJ submitted a listing prospectus to the SSE on the Main Board on 1 July 2022. The plan is to raise 1.204 billion yuan, of which 677 million yuan will be used for an intelligent manufacturing project with an annual output of about 470,000 units of digital energy products and systems, 277 million yuan for the construction of a research and development centre, 99.514 million yuan for upgrading global marketing and service networks, and 150 million yuan for replenishing working capital.
The application was accepted by SSE in March 2023, and the IPO was successfully registered on 29 December 2023.
Public data shows that SAJ achieved operating income of 426 million yuan in 2020, 716 million yuan in 2021 and 1.551 billion yuan in 2022. And its net profit in these three years was 55.5 million yuan, 98.6889 million yuan and 286 million yuan respectively.
A significant portion of the company’s revenue is generated overseas, as SAJ mainly sells its grid-connected PV inverters, energy storage inverters and systems to Italy, the Netherlands, Spain, Belgium, Australia, Brazil and other countries.
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