GCLSI Successfully Raises CNY2.5 billion ($US386 million) through Private Placement Share Offering

The report indicates that the private placement was issued to 14 investors consisting of private shareholders as well as local government platforms and well-known investment organizations. The report indicates that the private placement was issued to 14 investors consisting of private shareholders as well as local government platforms and well-known investment organizations. Among them, JIC Capital Management made the largest subscription of shares with a total amount of1 billion yuan(...

The report indicates that the private placement was issued to 14 investors consisting of private shareholders as well as local government platforms and well-known investment organizations.

Among them, JIC Capital Management made the largest subscription of shares with a total amount of 1 billion yuan ($US154 million). Hefei Dongcheng Industry Investment Co., Ltd and Peixian Economic Development Zone Development Co., Ltd. purchased 800 million yuan ($US124 million) and 200 million yuan ($US31 million) in shares, respectively.

GCLSI Board Secretary Ma Junjian pointed out: "This kind of subscription from local government related platforms and well-known investment organizations reflects strong confidence in the Company's future development, which will accelerate the implementation of the GCL's dual core(photovoltaic and semiconductor) business strategy. Our aim is to create competitive differentiation, so GCL is accelerating the construction of photovoltaic cell and module bases, while at the same time actively increasing research and development of new technologies such as heterojunction technology(HJT) solar cells and laminated perovskite cells."

Last December, GCLSI launched a production base for PV modules in Hefei, capital of Anhui Province with a total investment of 18 billion yuan (about $US2.75 billion). The production base will be built in four stages between 2020 and 2023, with the first 15GW capacity now under construction. Upon completion of the project, GCLSI will have the world's largest module production capacity.