World's Largest Chinese Photovoltaic Cell Producer SolarSpace Eyes Hong Kong IPO

Recently disclosed by the Hong Kong Stock Exchange, SolarSpace Technology Co., Ltd. has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CITIC Construction Investment International and CITIC Securities serving as joint sponsors.

SolarSpace is a Chinese leading global professional solar cell manufacturer that also provides photovoltaic modules, thereby expanding its influence in the photovoltaic industry value chain. The company has developed a diverse product portfolio, covering N-type and P-type batteries and photovoltaic modules, to meet mainstream market demands. During the reporting period, SolarSpace's business spanned over 29 countries and regions, with more than 1,000 customers. According to Frost & Sullivan, in terms of external shipments of photovoltaic cells, SolarSpace ranked first among global professional photovoltaic cell manufacturers in 2024, with a market share of 18.3%, and ranked second among global photovoltaic cell manufacturers, with a market share of 14.6%.

In addition to China, SolarSpace's products are exported to (including) the United States, Europe, the Middle East, Southeast Asia, and South Asia. The company has established operational service centers in Frankfurt, California, and Suzhou, China. SolarSpace has production bases both domestically and internationally. Furthermore, the company's logistics infrastructure includes overseas logistics transit centers located in Rotterdam, Los Angeles, and Chicago, as well as warehouses at each production base.

In terms of capacity, as of December 31, 2024, SolarSpace's effective production capacity for N-type battery cells was approximately 40 GW, with another 12 GW of N-type battery cell capacity currently undergoing production line upgrades. After the completion of these upgrades, the total production capacity for N-type battery cells is expected to reach approximately 50 GW. As of December 31, 2024, the effective production capacity for photovoltaic modules was approximately 8 GW.

Financially, SolarSpace's revenue was approximately CNY 12.517 billion, CNY 20.838 billion, and CNY 11.320 billion in 2022, 2023, and 2024, respectively; the annual profit was approximately CNY 834 million, CNY 1.681 billion, and a loss of CNY 1.363 billion during the same periods.

As an important part of clean energy, the photovoltaic industry has achieved affordable pricing, and its application scale continues to expand. With continuous technological advancements in photovoltaics and the introduction of supportive policies by governments worldwide, the cumulative installed capacity of solar power generation has increased from 713.9 GW to 1,976.8 GW, with a compound annual growth rate of 29.0%. It is expected to reach 5,498.8 GW by 2029, with a compound annual growth rate of 22.7%.