PVTIME – Jiangsu Sunshine Co.,Ltd. (600220.SH), a China-based company mainly engaged in the production and sale of woollen textiles and fabrics, announced that it will delist from the Shanghai Stock Exchange on 10 July 2024 after its renewable energy production project failed in 2023.
Jiansu Sunshine has been a leading manufacturer of woollen textiles and fabrics since it was listed on the SSE in 1999. Then it started to invest in renewable energy project recent years as the solar power industry is growing rapidly. In 2022, an integrated renewable energy production base was announced by Jiangsu Sunshine in Baotou City of China. Then the project was changed to polysilicon production, crystalline pulling and 10GW solar cell and module production projects in Ningxia region of China. However, by the end of 2023, no progress had been made on the overall plan.
In 2023, Jiangsu Sunshine loses around 100 million yuan. From 16 May 2024 to 13 June 2024, the company’s daily closing price was less than 1 yuan for 20 consecutive trading days, triggering delisting. On 13 June, the closing price of its shares was 0.37 yuan per share.
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