On March 13, Baoxin Technology (SZ: 002514) released the “2023 Issuance of A-Shares to Specific Objects Pre-plan”, the company intends to issue no more than 35 specific targets, including Mr. Ma Wei, the actual controller of the company, or entities controlled by him Specific objects Issue no more than 216,010,279 A-share ordinary shares (including the original number), and raise funds not exceeding RMB 3 billion (including the original number), which will be used for the Huaiyuan 2GW high-efficiency heterojunction cell and module manufacturing project and the 2GW Etuokeqi Slicing, 2GW high-efficiency heterojunction cell and component manufacturing projects, replenishment of working capital and repayment of bank loans.
According to the announcement, Mr. Ma Wei, the actual controller of Baoxin Technology, or his controlled entity intends to subscribe in cash for not less than 6.00% of the actual issuance amount, and not higher than 20.00% of the actual issuance amount. , Mr. Ma Wei directly or indirectly holds no more than 30% of the company’s shares.
As we all know, “cost reduction and efficiency increase” is the core development logic of the photovoltaic industry, and the conversion efficiency of cells directly determines the photovoltaic cost of electricity. At present, P-type battery technology is approaching the limit of conversion efficiency, and N-type battery technology with higher conversion efficiency is gradually becoming the mainstream of the industry. Among them, HJT battery technology is expected to become a new generation of mainstream battery technology by virtue of better photoelectric conversion efficiency and double-sided rate, better temperature coefficient, easier realization of silicon wafer thinning, less production process, and high stability.
In 2022, Baoxin Technology launched the HJT battery and module business layout, and continued to promote industrial structure optimization, transformation and upgrading, and deeply deployed regional “light, storage, charging/replacing” integrated products and solutions. At the same time, Baoxin Technology has also carried out strategic cooperation with local governments, related energy companies and other partners, laying a solid foundation for the company’s photovoltaic products to establish a stable sales channel and the industrialization of HJT batteries.
Baoxin Technology disclosed in the announcement that at present, 500MW of the company’s self-built battery modules have been put into production, and the 2GW high-efficiency heterojunction battery and module projects under construction are expected to be completed and put into production within this year. After the fund-raising projects are put into production, it is expected that a total of 2GW of silicon wafer slicing capacity, 4GW of heterojunction solar cells, and 4GW of heterojunction solar modules will be added.
Baoxin Technology stated that the investment projects of the funds raised this time are all carried out around the company’s main business, in line with the national industrial development strategy, in line with the industry’s technological innovation development trend and industrial development policy direction, and in line with the company’s strategic development and actual needs. The company’s fundraising projects are invested in the heterojunction battery field with good development prospects, which will help to further improve the production capacity of high-efficiency batteries, enrich the product matrix, expand market share, and promote the company’s research and development capabilities. After the completion of the fund-raising investment project, the company’s capital strength will be significantly enhanced, and the core competitiveness in the new energy industry will be significantly improved, which is conducive to the continuous improvement of the company’s management level and further development of the company’s “new energy + intelligent manufacturing” strategic policy. Laying a solid foundation is in line with the company’s long-term development goals and the fundamental interests of all shareholders.