The Zhitong Finance App learned that on October 21, the IPO review status of the main board of the Shanghai Stock Exchange of Wuxi Haida Solar Energy Co., Ltd. (abbreviation: Haida Solar Energy) changed to “terminated”. As Haida Solar and its sponsor withdrew its issuance and listing application, the Shanghai Stock Exchange terminated its issuance and listing review in accordance with the relevant provisions of Article 63 of the “Shanghai Stock Exchange Stock Issuance and Listing Review Rules”.
According to the prospectus, Haida Solar's main business is the R&D, production and sale of photovoltaic module glass, photovoltaic building integrated glass (BIPV), and other special glass. The main consumer groups of the company's photovoltaic glass products are crystalline silicon solar cell module manufacturers, including well-known photovoltaic module companies such as Tianhe Solar (688599.SH), Jingao Technology (002459.SZ), SunPower (US stock listed company), and China Energy Saving (000591.SZ). 688223.SH The company's main customers for BIPV products include GAF (one of the largest commercial and civil building roofing companies in North America) and new energy application or development companies such as Dongfang Risheng (300118.SZ).
On the financial side, in 2019, 2020, 2021, and January-June 2022, Haida Solar achieved operating income of approximately RMB 260 million, RMB 603 million, RMB 908 million, and RMB 644 million respectively. In the same period, the company achieved net profit of 199686 million yuan, 95,1993 million yuan, 81.4638 million yuan, and 507.97 million yuan respectively.
Haida Solar mentioned in its prospectus that the company has a high customer concentration risk. The company's main customers are leading domestic and foreign PV module companies such as Tianhe Solar, Jingke Energy, China Energy Saving, Jingao Technology, and SunPower. The customer concentration is similar to that of comparable companies in the same industry. The high concentration of downstream PV module industry has led to a relative concentration of the company's customers. During the reporting period, the company's sales amount to the top five customers accounted for 56.57%, 80.74%, 78.71% and 80.54% of current revenue, respectively. If there is an adverse change in the cooperative relationship between the company and the main customer, or an adverse change in the business or financial situation of the main customer, it will adversely affect the company's future production, operation and profit level.