{"id":775,"date":"2021-07-06T15:00:09","date_gmt":"2021-07-06T06:00:09","guid":{"rendered":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/?p=775"},"modified":"2021-07-05T15:25:18","modified_gmt":"2021-07-05T06:25:18","slug":"canadian-solars-subsidiary-csi-solar-submits-application-documents-for-initial-public-offering-on-chinas-star-market","status":"publish","type":"post","link":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/2021\/775.html","title":{"rendered":"CANADIAN SOLAR’S SUBSIDIARY CSI SOLAR SUBMITS APPLICATION DOCUMENTS FOR INITIAL PUBLIC OFFERING ON CHINA’S STAR MARKET"},"content":{"rendered":"

GUELPH, ON,\u00a0June 28, 2021\u00a0\/PRNewswire\/ —\u00a0Canadian Solar Inc<\/a>.<\/span> (the “Company” or “Canadian Solar”) (NASDAQ: CSIQ),\u00a0today announced that its majority-owned subsidiary\u00a0CSI Solar Co., Ltd.\u00a0(“CSI Solar”) has submitted the application documents for its potential initial public offering (“IPO”) and listing on the Science and Technology Innovation Board (the “STAR” Market) of the\u00a0Shanghai Stock Exchange. The documents have been received by the\u00a0Shanghai Stock Exchange.<\/p>\n

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In\u00a0July 2020,\u00a0Canadian Solar\u00a0announced its plan to publicly list the shares of its\u00a0CSI Solar\u00a0subsidiary, formerly mainly the Module and System Solutions and the China Energy business, on\u00a0China’s\u00a0stock market. The Company has chosen the STAR Market for the listing as it is intended to support technology and innovative companies in\u00a0China.<\/p>\n

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According to\u00a0CSI Solar’s\u00a0relevant initial public offering documents, it plans to issue up to 541,058,824 shares, excluding shares issuable upon the exercise of an over-allotment option, which will account for no less than 15% of its total share capital after the IPO. Currently,\u00a0Canadian Solar\u00a0owns approximately 80% of\u00a0CSI Solar’s\u00a0shares, which includes approximately 5% of shares issued under\u00a0CSI Solar’s\u00a0employee stock ownership plan (“ESOP”) that will become effective immediately upon the completion of the IPO. Immediately following the IPO and by giving effect to the ownership transfer of the ESOP shares and the dilution effect from the shares newly issued for the IPO,\u00a0Canadian Solar\u00a0expects to hold approximately 64% of\u00a0CSI Solar’s\u00a0shares.<\/p>\n

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The proceeds of the offering, which are subject to the actual size and pricing of the offering, will be used to strengthen\u00a0CSI Solar\u00a0and the Company’s market leadership position by investing in capacity expansion across the solar value chain, research and development, and additional working capital for\u00a0CSI Solar.<\/p>\n

 <\/p>\n

The completion of the proposed CSI Solar IPO is subject to the review process by the\u00a0Shanghai Stock Exchange\u00a0and the registration process by the\u00a0China Securities Regulatory Commission.\u00a0CSI Solar’s\u00a0IPO prospectus can be publicly accessed on the\u00a0Shanghai Stock Exchange’s\u00a0website, available on\u00a0http:\/\/kcb.sse.com.cn\/<\/a><\/span>.<\/p>\n

 <\/p>\n

Whether the Company can successfully complete the listing of\u00a0CSI Solar’s\u00a0shares, the related timeline, actual size and pricing of the offering depend on various factors, including but not limited to, capital market conditions in\u00a0China\u00a0and globally, the regulatory environment for the listed securities, the Company’s financial performance and ability to fulfill the listing requirements in\u00a0China.<\/p>\n","protected":false},"excerpt":{"rendered":"

GUELPH, ON,\u00a0June 28, 2021\u00a0\/PRNewswire\/ —\u00a0Canadian Solar Inc. (the “Company” or “Canadi […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-775","post","type-post","status-publish","format-standard","hentry","category-releases"],"_links":{"self":[{"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts\/775","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/comments?post=775"}],"version-history":[{"count":1,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts\/775\/revisions"}],"predecessor-version":[{"id":776,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts\/775\/revisions\/776"}],"wp:attachment":[{"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/media?parent=775"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/categories?post=775"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/tags?post=775"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}