CSRC approves Yongzhen Group's application for an IPO on the Shanghai Stock Exchange main board.

On February 22, the China Securities Regulatory Commission issued a reply approving the initial public offering of shares by Yongzhen Technology Co., Ltd. Yongzhen Co., Ltd. intends to list on the Shanghai Stock Exchange main board, with Sinolink as the IPO sponsor, aiming to raise 1.725 billion yuan. The prospectus shows that Yongzhen Co., Ltd.'s main products include photovoltaic frame products, photovoltaic building integrated products (BIPV), and photovoltaic support structural components. Currently, the company has three major production bases in Changzhou, Jiangsu, Yingkou, Liaoning, and Chuzhou, Anhui, with a total land area of nearly 500 acres, capable of producing 220,000 tons of photovoltaic frames annually, with a capacity of nearly 80 million sets. Calculated based on the addition of 230GW of global photovoltaic installations in 2022, the annual demand for photovoltaic frames is about 1.43 million tons, with the company's market share at approximately 13.04%, ranking among the industry leaders in the photovoltaic frame sector. The company actively implements capacity expansion plans, with the construction of a 270,000 tons per year photovoltaic frames production base in Wuhu currently underway, and plans to invest in a new 180,000 tons per year photovoltaic frames production base in Vietnam. At that time, the company's total capacity could reach 670,000 tons, further expanding its leading position in the market. During the reporting period, the photovoltaic frames produced by the company have entered the supply chain system of top component manufacturers such as Trina Solar Co., Ltd., JA Solar Technology, LONGi Green Energy Technology, CSI Solar Co., Ltd., Jinko Solar, establishing long-term and stable cooperative relationships.