The Shenzhen Stock Exchange rejected Das Solar’s deliberate IPO as a result of its sponsor, Sinolink Securities, withdrew from the Chinese firm’s eight-month effort to listing its shares.
Das Solar, based in 2018 by Liu Yong – a graduate of the University of Science and Technology of China, with a background in semiconductor manufacturing at SMIC – is dealing with many challenges. Liu, who moved into the PV sector in 2008, beforehand held key roles at JA Solar, Longi Green Energy, and Jolywood.
Das Solar’s founding shareholders embody main business funds akin to State Power Investment Corp. (SPIC), Sinopec, CICC Capital, and Boshi Capital, together with Longi Lerri, a subsidiary of Longi Green Energy, beforehand invested CNY 20 million ($2.8 million). ) for a 15% stake. However, Longi Lerri exited its funding in Das Solar on the finish of 2020.
Das Solar has targeted on creating superior n-type tunnel oxide passive contact (TOPCon) photo voltaic cells and modules, which has led to fast progress. Its annual income elevated from CNY 1.89 billion in 2021 to CNY 22.72 billion in 2023.
Das Solar’s IPO software, filed in December 2023, faces scrutiny from the trade in January 2024, with monetary updates supplied in June. It goals to boost CNY 2.5 billion to increase TOPCon’s manufacturing capability and improve its working capital. The failed IPO plan now threatens to disrupt its operations, particularly as element costs decline and capital wants improve for analysis, manufacturing upgrades, and advertising.