Canadian Solar Seeks Entry Into China's Capital Markets
Canadian Solar Inc. (Nasdaq: CSIQ), announced Monday that it will pursue a listing of its entity in China, sending its stock up 5% by midday, to $23.84 per share.
The Canadian manufacturer of solar photovoltaic modules said its Modules and System Solutions business will seek to trade on either the Shanghai Stock Exchange's Science and STAR market, or the Shenzhen Stock Exchange's ChiNext, both of which are intended to support innovative and fast-growing companies.
It approximately takes 18 to 24 months to finish the listing process. According to China's securities regulations, CSIQ's subsidiary has to convert into a Sino-foreign joint stock company prior to listing, which shall be completed through a round of equity raising from China-based investors.
Shawn Qu, the chairman and chief executive officer of CSIQ, stated, "This potential listing of our MSS in China will provide us a new platform to raise investment capital and strengthen our leading position in solar manufacturing."
He added, "By remaining listed on the Nasdaq as a Canadian company and partnering with long-term investors, we will continue to grow our solar project development platform in every major market around the world and reap the synergies from the two complementary businesses."
The company said it will continue to seek capital partnerships with long-term investors looking for opportunities to deploy capital in clean, profitable, and countercyclical solar energy infrastructure investments via public and private deals.
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