The pace of preparations for the listing of Sunshine New Energy has been further intensified.
Huaxia Energy Network learned that on February 20, Sungrow Power Supply (SZ: 300274) announced that its holding subsidiary, Sunshine New Energy, recently introduced investors through capital increase and share expansion. The two investors increased their capital by a total of 34.7 billion yuan. After the completion of the capital increase, the registered capital of Sunshine New Energy will increase from about 14$9.9 billion increased to about $15.52.7 billion yuan.
The announcement also said that the introduction of investors "is conducive to optimizing the asset-liability structure of Sunshine New Energy, enhancing its financing capabilities, enhancing its financial strength, meeting its operating capital needs, and ensuring the smooth development of various businesses".
Founded in 2014, Sunshine New Energy is mainly engaged in system research and development, project development and system solution sales of new energy power stations. Previously, at the performance briefing for the first three quarters of 2023, Sungrow introduced that its new energy power station development achieved revenue of 12.7 billion yuan, a year-on-year increase of 148%. According to the financial report data, Sungrow's total revenue in the first three quarters of 2023 is about 46.4 billion yuan. The development of new energy power plants accounted for about 27% of total revenue.
On December 8, 2023, Sungrow announced that it plans to spin off Sunshine New Energy to be listed on the domestic ** exchange.
Prior to the announcement, Sungrow had carried out several rounds of capital increase and share expansion of Sungrow New Energy. Among them, in December 2021, Sungrow increased its capital by about 19700 million yuan; In December 2023, the capital will be increased by 1 billion yuan again. In less than 3 months, Sunshine New Energy ushered in a new round of capital increase.
Huaxia Energy Network noticed that the investors this time have the background of local state-owned enterprises. According to public information, the controlling shareholder of Tieji New Energy is "Anhui Railway Development Co., Ltd., the controlling shareholder of the latter is Anhui Investment Group." The controlling shareholder of Fuzhejiang Fuchuang is Zhejiang Fuzhe Capital Management, which is wholly owned by Zhejiang State-owned Capital Operation.
In addition, the valuation of Sunshine New Energy is also increasing. At the beginning of December last year, the valuation of Sunshine New Energy was 18 billion yuan, and before this capital increase, the valuation of Sunshine New Energy reached 19 billion yuan, and each yuan of registered capital corresponds to 12 yuan67 yuan.
As of February 21**, Sungrow reported 837 yuan shares, up 099%, with a total market value of 124.3 billion yuan.
*Please indicate the source, article**: Huaxia Energy Network, **hxny3060).