2023.06.09
On March 21, 2023, the China Securities Regulatory Commission (CSRC) approved the registration application of CSI Solar Co., Ltd. ("CSI Solar" or the "Company") for its initial public offering and listing on the STAR Market of the Shanghai Stock Exchange. JunHe acted as the company’s counsel and on June 9, 2023, CSI Solar was successfully listed on the STAR Market with the stock code 688472.
CSI Solar is a major domestic operating subsidiary of the NASDAQ listed company Canadian Solar Inc (“CSIQ”). Founded in 2001 and listed on the NASDAQ in 2006, CSIQ was the first building integrated photovoltaics (BIPV) company in China to be listed on the NASDAQ, and it is one of the world's largest solar technology and renewable energy companies. As a major subsidiary of CSIQ, CSI Solar is engaged in the research, development, production and sale of crystalline silicon photovoltaic modules, and is committed to providing customers with high quality, technologically leading and cost effective products. CSI Solar has extended its operations to photovoltaic application solutions, including photovoltaic systems and large-scale energy storage systems.
CSI Solar issued 541,058,824 A-shares (excluding over-allotment) at a price per share of RMB 11.10, and raised RMB 6 billion, which is the largest spinoff-based IPO financing project since the registration system was fully launched in 2023.
JunHe advised CSI Solar in the IPO and provided comprehensive legal services, including (i) assisting the Company in completing the design of the transaction structure and the negotiation and review of the transaction documents in connection with the spin-off financing, the listing application and other major legal issues; (ii) providing important suggestions for the Company’s compliance operation to prepare for the IPO; and (iii) conducting legal analysis and providing responses and feedback with respect to concerns of the CSRC and the Shanghai Stock Exchange, such as the spin-off for listing, the regulatory differences between the listing on the two stock exchanges, anti-dumping/anti-subsidy proceedings, horizontal competition, and major litigation and arbitration proceedings. JunHe won high recognition from the Company and the other professional advisors for its meticulous, professional and experienced legal services.
The JunHe team for this IPO was co-led by Mr. WANG, Yi and Mr. JIANG, Wenjun (Kelvin). Mr. WAN, Shang was primarily responsible for the project’s execution and YI, Yisong was responsible for the internal review.
