Canadian Solar to list modules and system business

Solar photovoltaic modules manufacturer Canadian Solar is planning to float its modules and system business in either Shanghai or Shenzhen.

The Nasdaq-quoted company said it intends to list the business on the former’s Science and Technology Innovation Board or the latter’s ChiNext market.

Canadian Solar expects the deal to close within 18-24 months.

No further details have been disclosed at this time.

Canadian Solar said the decision to list the modules business came following a strategic review of alternatives and the flotation would include its principal subsidiary in China and overseas sales divisions.

Commenting on the move, chief executive Dr Shawn Qu said: “This potential listing of our MSS in China will provide us a new platform to raise investment capital and strengthen our leading position in solar manufacturing.

Meanwhile, by remaining listed on the NASDAQ as a Canadian company and partnering with long-term investors, we will continue to grow our solar project development platform in every major market around the world and reap the synergies from the two complementary businesses.”

Canadian Solar was established in 2001 and now claims to be one of the largest solar power companies in the world.

The firm describes itself as a leading manufacturer of solar photovoltaic modules and has delivered more than 43.00 GW of modules to clients in more than 150 countries in its history.

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It has been publicly traded on Nasdaq since 2006.

Canadian Solar generated net revenue of CAD 826.00 million (USD 616.39 million) in the first quarter of 2020, up 70.0 per cent on the corresponding timeframe in 2019.

Zephyr, the M&A database published by Bureau van Dijk, shows there have been 28 IPOs announced worldwide by manufacturers of semiconductors and related devices since the start of 2020.

Of these, the largest is worth USD 369.32 million and saw Chinese intelligent robot deep learning core processor chip manufacturer Cambricon Technologies list stock amounting to a 10.0 per cent stake in Shenzhen earlier this month.

© Zephus Ltd

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