AsiaNet 87784

SUZHOU, China, Jan. 27, 2021 /PRNewswire=KYODO JBN/ --

GCL System Integration Technology Co. Ltd ("GCLSI " or "the

Company")(Shenzhen:002506), a leading photovoltaics(PV) company in China,

announced on January 21 that it successfully raised 2.5 billion yuan ($US386

million) through a private placement offering, which will accelerate the

implementation of the Company's "dual-core business(photovoltaic and

semiconductor)" strategy.

In a report on non-public issuance of shares disclosed by GCLSI on January 21,

it shows the Company issued 773,230,764 A-shares at a price of 3.25 yuan (50

cents) per share in a non-public offering, with a total amount of 2.513 billion

yuan ($US386 million) raised. After the completion of this non-public issuance

of shares, the Company's total assets and net assets will increase and

debt-to-asset ratio will decrease, which will help reduce the company's

financial risks therefore enhancing the company's ability to resist risks,

optimize the company's financial structure, and provide a guarantee for the

company's sustainable development.

The report indicates that the private placement was issued to 14 investors

consisting of private shareholders as well as local government platforms and

well-known investment organizations.

Among them, JIC Capital Management made the largest subscription of shares with

a total amount of 1 billion yuan ($US154 million). Hefei Dongcheng Industry

Investment Co., Ltd and Peixian Economic Development Zone Development Co., Ltd.

purchased 800 million yuan ($US124 million) and 200 million yuan ($US31

million) in shares, respectively.

GCLSI Board Secretary Ma Junjian pointed out: "This kind of subscription from

local government related platforms and well-known investment organizations

reflects strong confidence in the Company's future development, which will

accelerate the implementation of the GCL's dual core(photovoltaic and

semiconductor) business strategy. Our aim is to create competitive

differentiation, so GCL is accelerating the construction of photovoltaic cell

and module bases, while at the same time actively increasing research and

development of new technologies such as heterojunction technology(HJT) solar

cells and laminated perovskite cells."

Last December, GCLSI launched a production base for PV modules in Hefei,

capital of Anhui Province with a total investment of 18 billion yuan (about

$US2.75 billion). The production base will be built in four stages between 2020

and 2023, with the first 15GW capacity now under construction. Upon completion

of the project, GCLSI will have the world's largest module production capacity.

SOURCE: GCLSI