IPOs of photovoltaic glass companies are terminated! Net profit exceeds 80 million yuan

On October 21, the official website of the Shanghai Stock Exchange showed that due to the withdrawal of issuance and listing applications by Wuxi Haida Solar Co., Ltd.(hereinafter referred to as: Haida Solar) and the sponsor Huaying Securities, in accordance with the "Shanghai Stock Exchange Stock Issuance Review Rules" According to the relevant provisions of Article 63, the Shanghai Stock Exchange decided to terminate the review of Haida Solar's initial public offering of shares and its listing on the main board.

Haida Solar applied to the China Securities Regulatory Commission for a main board IPO in December 2022. In March 2023, the registration system was shifted to the Shanghai Stock Exchange and experienced a round of inquiries. On September 30, 2024, Haida Solar's IPO was suspended due to expired financial data, and its IPO application was withdrawn on October 21, 2024.

It is worth mentioning that Haida Solar had a cash dividend of 105 million yuan during the reporting period, and this IPO plans to make up 110 million yuan.

The company's main business is the research and development, production and sales of photovoltaic module glass, photovoltaic building integration glass (BIPV) and other special glasses.

Since the establishment of the company, as a witness to the technological changes in the photovoltaic industry, the company has always continued to pay attention to the development of cutting-edge technologies in the photovoltaic industry, and used this as the source of driving force for the company's internal technology research and development, and correspondingly supporting the development of deep processing processes and technologies for photovoltaic glass. After nearly 20 years of deep cultivation and experience in the industry, the company has formed an intellectual property system with 16 invention patents and 34 utility model patents, and has obtained the qualification of a high-tech enterprise. It is the national standard "Coated Glass for Building Photovoltaic Modules"(GB/T 41314-2022) One of the drafting units, Won the title of "Wuxi City Science and Technology Research and Development Institution" and "Jiangsu Province Science and Technology Small and Medium-sized Enterprises" awarded by Wuxi City Science and Technology Bureau,"Wuxi City Enterprise Technology Center" awarded by Wuxi City Economic and Information Commission,"Wuxi City Intelligent Manufacturing Workshop" assessed by Wuxi City Industry and Information Technology Bureau,"Quasi-unicorn" assessed by Wuxi City Science and Technology Bureau, Honorary titles such as "Provincial Specialized, Special and New Small and Medium-sized Enterprises" assessed by the Department of Industry and Information Technology of Jiangsu Province.

The quality of photovoltaic glass directly determines the service life and power generation efficiency of photovoltaic modules. The company is committed to making "more efficient and more value-added" glass products. One of the core requirements of the established business system is to be able to continuously export products of stable and reliable quality. Since 2008, the company has continued to obtain quality management system certification and China national compulsory product certification, and passed the ROHS test and SVHC test of SGS testing institutions. On this basis, the company has completed the continuous automated production transformation of the entire production line, achieved refined production management and control, and met the national standards required by the integrated management system of informatization and industrialization. It has obtained the integrated management system in 2019 and 2022 respectively. The evaluation certificate was included in the "2022 Wuxi City Intelligent Manufacturing Benchmark List" by Wuxi City Bureau of Industry and Information Technology. It was awarded the title of "Advanced Enterprise in Quality Management in Jiangsu Province" by Jiangsu Province Product Quality Supervision and Management Center.

With continuous R & D and innovation capabilities, stable and reliable product quality and rapid response service capabilities, the company's products enjoy a high reputation among customer groups and have established good business cooperation relationships with well-known downstream customers, including Trina Solar Energy (688599.SH), Jingke Energy (688223.SH), Jingao Technology (002459.SZ), SunPower (a listed company in the U.S.), China Energy Conservation (000591.SZ) and GAF (one of the largest commercial and civil building roof manufacturers in North America), Hengdian Dongci (002056.SZ), Dongfang Risheng (300118.SZ), Saint-Gobain and other new energy application or development companies.

Before this issuance, the company's total share capital was 128.33333 million shares. The planned public offering will not exceed 42.7778 million shares, accounting for no less than 25.00% of the total share capital after this issuance.

As of the signing date of this prospectus, Zhu Quanhai directly holds 31.11% of the company's shares, and indirectly holds 13.31% of the company's shares through Haida Container Factory, holding a total of 44.42% of the company's shares, making him the controlling shareholder of the company; Lu Binwu holds 31.09% of the company's shares, Zhu Lina holds 8.00% of the company's shares, and Zhu Guangda holds 5.33% of the company's shares. Among them, Zhu Quanhai, Zhu Lina and Zhu Guangda are father and daughter, Zhu Quanhai and Lu Binwu are brother-in-law, Lu Binwu and Zhu Lina are husband and wife, Zhu Quanhai, Lu Binwu, Zhu Lina and Zhu Guangda collectively control 88.84% of the company's shares and signed the "Concerted Action Agreement". It was agreed that all parties should negotiate in advance and always take concerted action during the decision-making process of the board of directors and shareholders 'meeting. If all parties cannot reach a unanimous action decision during consultation, Zhu Quanhai's opinion shall prevail; in addition, Zhu Quanhai serves as chairman of the company, and Lu Binwu serves as director and general manager of the company. To sum up, Zhu Quanhai, Lu Binwu, Zhu Lina and Zhu Guangda are the joint actual controllers of the company.

After review and approval at the company's first extraordinary shareholders 'meeting in 2023, all the proceeds from this issuance, after deducting issuance expenses, are planned to be used for projects related to the company's main business, as follows: