On August 6, Rainbow New Energy issued an announcement stating that the company’s board of directors reviewed and approved a proposal for the issuance of A shares and related authorization matters. Allotment and issuance does not exceed 58.78 million A shares with a par value of RMB 1.00 each, and the total amount of funds to be raised does not exceed 2 billion yuan. After deducting issuance costs, all funds will be used for project construction and operating funds for the development of ultra-thin and high-transmittance photovoltaic glass projects related to the company’s main business and to supplement working capital.
On July 23, Rainbow New Energy announced that the company’s Rainbow (Hefei) photovoltaic ultra-thin and high-transparent glass project furnace was successfully ignited, and the new investment in the Rainbow (Hefei) photovoltaic ultra-thin and high-transparent glass project was about 550 million. After the project reaches full capacity, the annual production capacity of photovoltaic glass will be approximately 38.6 million square meters. The company’s scale effect and cost advantages will be further highlighted. According to the announcement, as of the end of 2020, Rainbow New Energy’s photovoltaic glass production capacity was 2,400 tons per day, ranking third in the industry, with a market share of about 10%. The successful ignition of Hefei Photovoltaic’s ultra-thin and high-transparency glass project is expected to bring gains to the company’s profitability.
