PVTIME – After two years of applying for an IPO on the Shenzhen Stock Exchange (SZSE), Jiangsu Meike Solar Technology INC, a high-tech company based in China that specialises in the research and development as well as production of solar-grade monocrystalline wafers, has been suspended.
On 7 June 2022, Meike Solar’s IPO application was accepted by the SZSE and the sponsor is Guosen Securities Co.,Ltd. Meike Solar’s documents were approved on 12 December 2022, and was preparing to be listed on the GEM board. Then its IPO registration documents were submitted in November 2023.
Meike Solar intends to raise a maximum of 145,910,830 shares, equivalent to approximately 5 billion yuan. The funds raised will be used to invest in the third phase of its 20GW mono-crystalline silicon ingot project and to supplement working capital with 1.25 billion yuan of the funds raised. The 20GW silicon ingot project will be initiated by Baotou Meike Silicon Energy Co., Ltd, a wholly owned subsidiary of Jiangsu Meike Solar. The company intends to construct production facilities and purchase equipment to increase its annual production capacity of mono-crystalline silicon ingots by an expected 54,000 MT.
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