Xinyi Solar Holdings Limited () was formed in 2008 in

Dongguan Dongguan,; pinyin: alternately romanized via Cantonese as Tungkun, is a prefecture-level city in central Guangdong Province, China. An important industrial city in the Pearl River Delta, Dongguan borders the provincial capital of Guangzhou t ...

when

Xinyi Glass Xinyi Glass Holdings Limited is a public company in People's Republic of China, engaged in the production of float glass, automobile glass and construction glass. Its customers includes large international automobile corporations such as Ford, G ...

split off its

solar photovoltaic A photovoltaic system, also called a PV system or solar power system, is an electric power system designed to supply usable solar power by means of photovoltaics. It consists of an arrangement of several components, including solar panels to abs ...

glass development, manufacturing, sale, and customer service. It is the largest solar cover glass producer in the world and has a 30% market share, according to

JP Morgan JPMorgan Chase & Co. (stylized as JPMorganChase) is an American multinational finance corporation headquartered in New York City and incorporated in Delaware. It is the largest bank in the United States, and the world's largest bank by mar ...

Asia Pacific Equity Research. Xinyi Solar's chair is

Lee Yin Yee Lee Yin Yee (; born 1952) is a Chinese billionaire and businessman, the founder and chairman of Xinyi Glass and Xinyi Solar. Lee made the 2022 Forbes Billionaires List with an estimated wealth of $4.2 billion and occupied the 687th positio ...

. About 23% of the company is owned by Xinyi Glass. It was listed on the

Hong Kong Stock Exchange The Stock Exchange of Hong Kong (, SEHK, also known as Hong Kong Stock Exchange) is a stock exchange based in Hong Kong. It is one of the largest stock exchanges in Asia and the List of major stock exchanges, 9th largest globally by market ...

in December 2013. Its subsidiary Xinyi Energy, which operates

solar farm A photovoltaic power station, also known as a solar park, solar farm, or solar power plant, is a large-scale grid-connected photovoltaic power system (PV system) designed for the supply of merchant power. They are different from most building ...

s, also had an

IPO An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...

on the Hong Kong Stock Exchange in May 2019, with sponsor BNP Paribas SA and cornerstone investors Law Kar-po and Ma Jianrong. In 2017, the company earned 9.527 billion HKD in revenue, an increase of 58.6% over the previous year, and a profit of 2.332 billion HKD, a 17.4% increase over the previous year. In June 2021 Xinyi Solar was added to the

Hang Seng Index The Hang Seng Index (HSI) is a market-Capitalization-weighted index, capitalisation-weighted stock market index in Hong Kong adjusted for free float. It tracks and records daily changes in the largest stock listings on the Hong Kong Stock Exch ...

. In February 2022, it was added to the

Hang Seng China Enterprises Index Hang Seng China Enterprises Index is a stock market index of The Stock Exchange of Hong Kong for H shares, red chip stocks, and P chips. H share is a class of ordinary share of the mainland China incorporated company that only traded outside t ...

. Xinyi Solar was also chosen by

Goldman Sachs The Goldman Sachs Group, Inc. ( ) is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered in Lower Manhattan in New York City, with regional headquarters in many internationa ...

as one of 50 stocks likely to benefit from the

common prosperity Common prosperity ( zh, s=共同富裕, hp=Gòngtóng fùyù) is a Chinese Communist Party (CCP) political slogan and stated goal to bolster social equality and economic equity. Under the leadership of CCP chairman Mao Zedong, common prosperity ...

drive. In 2022, the company announced plans to sell A shares on the

Shenzhen Stock Exchange The Shenzhen Stock Exchange (SZSE; ) is a stock exchange based in the city of Shenzhen, in the People's Republic of China. It is one of three stock exchanges operating independently in Mainland China, the others being the Beijing Stock Excha ...

, saying that there was more of an opportunity to obtain large-scale investments there than in Hong Kong and that a listing in Shenzhen would make it easier to compare Xinyi Solar's value with other Chinese solar companies. Xinyi Solar has said that the Chinese government's carbon-neutral goals have increased demand for photovoltaic glass, which is good for its business. This sentiment is echoed by investment manager Ken Xu, who expressed optimism about the company's future for the same reason in December 2021, even though Xinyi Solar was at that point one of the worst-performing components of the Hang Seng Index for the year. United States government sanctions against solar products from

Xinjiang Xinjiang,; , SASM/GNC romanization, SASM/GNC: Chinese postal romanization, previously romanized as Sinkiang, officially the Xinjiang Uygur Autonomous Region (XUAR), is an Autonomous regions of China, autonomous region of the China, People' ...

over alleged human rights abuses have had mixed effects: the company's share price rose in June 2021, on the assumption that sanctions would adversely affect its competitors, but the share price sank in December 2021, as Xinyi Solar does some of its manufacturing in Xinjiang.

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External links

* {{Hang Seng China Enterprises Index Companies listed on the Hong Kong Stock Exchange Companies listed on the Frankfurt Stock Exchange Companies in the Hang Seng Index Companies based in Dongguan Manufacturing companies established in 2008 Civilian-run enterprises of China Solar energy companies of China Companies based in Wuhu Chinese companies established in 2008 Manufacturing companies of China

See also

References

External links