On December 24, Gelonghui reported that XINTE ENERGY (01799.HK) announced that as of the announcement date, the company's proposal to issue A-shares has been approved by the Shanghai Stock Exchange's listing review committee, but has not yet completed registration with the China Securities Regulatory Commission.
Based on the current conditions of the Industry in which the company operates, combined with the actual circumstances of the company, and after full communication and careful argumentation with the sponsoring institutions, the company has decided to terminate the proposed issuance of A-shares and submit an application to the Shanghai Stock Exchange to withdraw the listing application documents, which has been agreed upon by the Shanghai Stock Exchange.
The company originally planned to raise funds through the proposed issuance of A-shares to construct a green low-carbon Circular Economy project with an annual production of 0.2 million tons of high-end electronic-grade polysilicon, of which the first phase of the 0.1 million tons project has been built and put into production in August 2023 using self-raised funds. Combining the current supply and demand relationship in the photovoltaic Industry Chain and market environment, there are currently no construction plans for the second phase of the 0.1 million tons project. The Board of Directors expects that withdrawing the proposal to issue A-shares will not have a significant adverse impact on the company's financial condition or operations.
Facing the future, the group will focus on economic benefits, increase technological innovation, strengthen internal management, further improve the quality of polysilicon, and reduce production costs; continue to increase the scale of development and operation of wind and solar resources, further expand the market share of key equipment such as Power Inverters, Energy Routers, Static VAR Compensation devices ('SVG'), and flexible Direct Current converter technology devices, actively laying out new profit contribution units to achieve sustainable high-quality development.