PR93793

SHANGHAI and HANGZHOU, China, Dec. 20, 2021 /PRNewswire=KYODO JBN/ --

Hoymiles Power Electronics Inc. ("Hoymiles" or "the Company"; Stock code:

688032), a world leading microinverter manufacturer providing module-level

power electronics solutions, has officially debuted today on the Shanghai Stock

Exchange STAR Market through a virtual listing ceremony in Hangzhou.

The Hangzhou-based company publicly issued 10 million shares at CNY557.8

(approximately US$87.5) apiece, raising a total of CNY5.578 billion

(approximately US$875 million). The proceeds will be used to build the

Company's smart manufacturing base, industrialize its energy storage inverter

projects, upgrade smart electrical equipment and supplement working capital, to

advance Hoymiles' product structures, expand business scales, increase the

Company's profitability and risk prevention capabilities, bolster its core

competency, and strengthen its market leading position.

Bo Yang, Co-founder and Chief Executive Officer of Hoymiles, said the listing

on Shanghai's STAR Market is a significant milestone for the Company. "In this

day and age, the industry outlook for the new energy sector remains promising,

especially in the context of the global push for green and low-carbon

transformation technology amid the ongoing climate crisis," Yang said.

"Hoymiles continues to uphold the corporate mission of 'making energy smarter'

and boost our research and development capabilities to provide our clients with

the best photovoltaic products and services, as we remain committed to

technology innovation."

Positioned as a technology company, Hoymiles has been making efforts to develop

its own technology solutions. In a bid to advance its product quality, Hoymiles

has put in lots of resources and manpower to boost its research and development

work. For example, from 2018 to 2020, the Company's R&D spending accounted for

5.5% of all expenses. In 2021, Hoymiles has 157 employees for R&D and technical

task forces, taking up 27.5% of the company's entire staff.

This strong R&D capacity reflects Hoymiles' healthy growth. Founded in 2012,

the Company has focused on the photovoltaic industry, witnessing rapid and

steady growth in business on its home turf and abroad. Hoymiles continues to

see strong momentum in its revenue growth, with ideal product industrialization

conditions.

On top of its outstanding business, Hoymiles is also developing some more

specific verticals in the PV industry. For example, it is actively developing

equipment related to energy storage, and is speeding up its energy storage

inverter industrialization projects, in a move to further expand the Company's

product offerings.

Notably, Hoymiles is taking the lead in offering the best products and services

in the PV industry. Its microinverter outruns many other suppliers in core

parameters such as power density, power range, conversion efficiency and

stability.

With the public listing on the A-share market, Hoymiles will move forward with

its core values of "integrity, responsibility, professionalism and efficiency."

With a goal of "transforming untamed power into smart energy," the Company is

committed to making energy accessible to everyone, as Hoymiles continues to

work toward its aim to become the best partner for world-class smart energy

solutions.

SOURCE  Hoymiles Power Electronics Inc.