On November 23, GCL System Integration Technology Co., Ltd. ("GCL SI" or "the Company") announced that its application for the issuance of shares to specific targets has been approved by the Shenzhen Stock Exchange Listing Review Center. The private placement was approved at the meeting on 22 November, and the shares will be listed on the Main Board of Shenzhen Stock Exchange.

GCL SI plans to issue a maximum of 1,755,094,928 shares to specific investors, representing no more than 30% of the Company's total share capital, with the aim of raising up to RMB 4.842 billion through this offering. After deducting issuance fees, the net proceeds of RMB 3.4 billion will be allocated to support the 20GW (10GW in the second phase) high-efficiency solar cell project in Wuhu, Anhui province, as well as enhance the Company's liquidity.

The 20GW high-efficiency solar cell project in Wuhu was established in October 2022, with a total investment of RMB 8 billion. The project is divided into two construction phases, and the first phase commenced in February this year, with a production capacity of 10GW. The Company confirmed on 23 October that the first phase had reached full production capacity.

As GCL SI aims to complete its 12GW project in Funing, Jiangsu Province and 7.5GW in the first stage of the second phase at its Hefei facility by the end of 2023, the Company's module capacity is expected to exceed 30GW.

During the first three quarters, GCL SI recorded RMB 9.412 billion in operating revenue, a year-on-year increase of 97.43%. Net profit attributable to shareholders of the listed company was RMB 142 million, increasing by 240.78% year on year.

In the third quarter, GCL SI achieved operating revenue of RMB 3.806 billion, up 93.40% year-on-year. Net profit attributable to shareholders of the listed company was RMB 31 million, up 122.30% year-on-year. By the end of the third quarter, the Company's net cash flow from operating activities stood at RMB 915 million, surging by 1,597.92 percent over the same period of last year.

Ranking in the BNEF Tier 1 module suppliers, GCL SI aims to become the world's leading one-stop renewable energy solution provider. With the injection of the private placement, GCL SI will further develop an integrated and leading business model, offering a package of R&D, product, and service.