Recently, Chinese photovoltaic power generation solutions provider JA Solar Technology (002459.SZ) announced that in order to further promote its globalization strategy and enhance its overall competitiveness, the company plans to apply for listing on the Main Board of the Stock Exchange of Hong Kong Limited.
Specific details regarding the Hong Kong listing have not yet been disclosed. As of the close of trading on February 21, JA Solar Technology's share price was CNY 12.45 per share, with a market capitalization of CNY 41.21 billion.
In 2007, the company was listed on NASDAQ in the United States. In 2010, its industrial chain extended downstream to PV modules, and in 2012, it further extended into PV power generation business, achieving vertical integration across the entire industry chain. After delisting from the U.S. stock market in 2018, the company completed its A-share listing on the Shenzhen Stock Exchange in 2019.
According to statistics from Solarbe Consulting, the company is expected to ship between 75-80GW of modules in 2024, ranking second in the industry. Based on the company's 2023 module shipments of 57GW, JA Solar Technology's shipments in 2024 could increase by up to 40% year-on-year.
It is noteworthy that in January 2025, JA Solar Technology released its 2024 annual performance forecast, projecting a loss of CNY 4.5-5.2 billion. Combining this with earlier financial reports, the company achieved a net profit of approximately CNY 390 million in 2024 Q3, significantly exceeding market expectations; however, in 2024 Q4, it incurred a quarterly loss ranging from CNY 4.02-4.72 billion.
This performance significantly underperformed analysts' expectations. JA Solar Technology attributed this to the continued mismatch in supply and demand within the PV industry, intensifying competition, substantial declines in key product prices, and an increasingly challenging international trade environment, all of which led to a continued decline in the company's core business profitability.
In January 2025, JA Solar Technology exhibited its DeepBlue5.0 modules, which are based on the company's Bycium+5.0 battery technology platform and integrate multiple innovations. These modules boast a power output of up to 670W and an efficiency of 24.8%.
If successful in its Hong Kong Stock Exchange listing, JA Solar Technology will become another "A+H" listed PV company, following Fulite Glass and Junda Technology.