Chinese PV Industry Brief: new listing plans and more POE encapsulant capacity

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Daqo said on Friday that it plans to list shares of its main manufacturing unit, Xinjiang Daqo New Energy, on the Shanghai Stock Exchange within the next two years. The polysilicon producer has sold 4.4% of the subsidiary’s shares to CEO Longgen Zhang and other three members of the management board for $28.0 million, in order to provide the subsidiary with multiple shareholders. The move is required under local securities regulations. The market value of Xinjiang Daqo has been estimated at approximately $$637.0 million.

Cybrid Technologies said on Thursday that it will increase its capacity to produce polyolefin elastomer (POE) encapsulant films. The Suzhou-based backsheet supplier will invest RMB435 million ($61.1 million) to buy land, build factories, and make equipment, while also shoring up its working capital. The plan will be implemented within the next six months. Cybrid listed shares on the Shanghai Stock Exchange in April.

Jiangsu Goodwe Technologies said on Wednesday that its application to launch an initial public offering has been approved by the listing committee of the Shenzhen Stock Exchange. Goodwe said it will be the first Chinese inverter manufacturer to list shares on the innovation board. The listing will likely be finalized this month. In 2019, Goodwe shipped around 3 GW inverters throughout the world in 2019 and ranked No. 11 among global inverter manufacturers, according to Wood Mackenzie.

Longi has signed a strategic cooperation agreement with DuPont to jointly create high-end modules and help downstream customers build more reliable PV power plants. As part of the agreement, signed on Tuesday in Shanghai, the companies will also expand their collaboration on product innovation, technology R&D, branding and marketing. 

Gezhouba International Corp. said on Wednesday that it has signed an EPC contract with Australia-based Bison Power to build the 85 MW Bundaberg Solar farm. The project is located in the city of Bundaberg, Queensland.

China Energy Storage Alliance (CNESA) said this week that China’s electrochemical energy storage market grew by 59.4% in 2019, thanks to 636.9 MW of newly installed capacity. The numbers show the cumulative volume of operational electrochemical storage reached 1.7 GW at the end of December. The cause of this rapid growth was not just a small base in the initial development stages, but the creation of conditions conducive to industry development,” CNESA said.

* The article was amended on June 7 to specify that Goodwe has launched its IPO on the Shenzhen Stock Exchange and not on the Shanghai Stock Exchange, as we previously reported.