Chinese PV Industry Brief: Jinchen to raise funds for production equipment

Jinchen, a PV equipment supplier, said that it has secured approval from the Shanghai Stock Exchange (SSE) for a private placement of A-shares. Jinchen plans to issue 22,527,596 A-shares to 13 specific investors, in order to raise CNY 1 billion. The average issuing price per share will be CNY 44.39, or a 17% discount from Jinchen's closing price on Wednesday. The company plans to allocate 41% to its East China smart production project, focusing on module automation lines and cell automation equipment. It will invest 31% of the funds in R&D and PVD equipment production, which will serve as the core technology for its heterojunction production lines. It said the remaining 28% will be used for working capital.

Sungold Solar, a Shenzhen-based manufacturer of flexible solar panels and portable solar panels, has secured SGS IEC TS 63163 certification for its Hi-Power range of products. The line includes the Sungold Solar HP-D2, HP-D, and HP-S series of products.

Shenzhen S.C New Energy Technology has canceled a planned private placement on the Shenzhen Stock Exchange. The Chinese equipment supplier originally aimed to raise approximately CNY 880 million to expand its perovskite equipment operations. The plan, initially proposed in November 2023, involved the issuance of convertible corporate bonds to undisclosed parties, in order to support its R&D efforts, improve its perovskite equipment production, and shore up its working capital.