Tongwei gets Fortune Global 500 tag; Trina's vertical integration in Qinghai; Ganjing Garden's capital raise terminated; DAS Solar completes Pre-IPO financing; Yingfa Phase II Starts Production.
Tongwei Group 1st PV company in Fortune Global 500: Chinese integrated solar PV manufacturer Tongwei Group was ranked 476th on the 2023 Fortune Global 500 list, with an operating income of RMB 215 billion ($29.9 billion). The company is the 1st to enter the list among the global photovoltaic (PV) companies. Tongwei ranked 34th, and the only mainland Chinese company among 50 companies, in return on equity (ROE) with an ROE of 42.9%. Tongwei recently announced plans for a 16 GW high-efficiency facility in Meishan (see China Solar PV News Snippets).
Trina Solar's Qinghai base vertically integrated: Chinese module manufacturer Trina Solar announced that it has successfully produced the 1st cell from its Qinghai facility, which has an annual output of 5GW n-type i-TOPCon high-efficiency solar cells. The manufacturing chain at Trina Solar's Qinghai factory is now complete, with ingots, wafers, cells, and modules all being produced at the same base.
Ganjing Garden terminates capital raise for 3GW HJT facility: Ganjing Garden announced that it is withdrawing its 2022 proposal to issue A shares to specific targets. According to the announcement, the independent directors have taken this decision due to changes in the capital market and related policies, combined with the current situation of the company among many other factors. Management believes the termination will not have an adverse impact on the company's business and operating conditions, and there will be no harm to the interests of its shareholders, especially the small and medium shareholders.
DAS Solar completes Pre-IPO financing: Chinese solar PV module and cell supplier DAS Solar announced that it has completed its Pre-IPO financing round. This effort was jointly led by Financial Street Capital, Kingray Capital and GLP.
Yingfa Deyao's rolls out 1st cell from Phase II: Yingfa Deyao announced that it has rolled out the 1st solar cell from its Phase II 12 GW N-type TOPCon high-efficiency cell facility. The company also announced the launch of Phase III and Phase IV along with this rollout. Yingfa expects to reach a production capacity of 30 GW by the end of 2023. At completion, it expects the annual output to exceed RMB 50 billion ($7 billion). Recall that Yingfa had announced completion of the financing round for the construction of Phase II in January 2023 (see China Solar PV News Snippets).