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Golden Glass Has Changed Name to Jingang Solar as Its Main Business Shifts to PV Products

published: 2022-10-26 9:30

Gansu Golden Glass Technologies Ltd. has recently released a notice stating that its board of directors earlier approved a proposal to change the name of the company (including the name for stock listing) and amend the articles of incorporation. Hence, the company is now called Gansu Jingang Solar Co. Ltd., and its name for stock listing is Gansu Solar. The ticker number remains the same (i.e., 300093). The name change already became effective on October 10. This announcement was first picked up by other Chinese renewable energy news outlets.

The main business of Jingang Solar was originally safety glass products and glass processing works. With the name change, the company is formally transitioning its main business to PV glass and other PV products, including cells and modules. The company has stated that the PV market is where the majority share of its revenue will come from in the future.

According to the company’s mid-year report that was released on August 26, the revenue related to PV products, including cells and modules, came to RMB 147 million for the first half of 2022 and accounted for 77.08% of its total revenue for the same period. By contrast, the revenue related to glass processing works came to RMB 44 million and accounted for 22.92%.

In 2021, Guangdong Ouhao Group Co. Ltd. became the largest shareholder of Golden Glass. In June of that same year, Golden Glass announced a project for manufacturing HJT cells and PV modules. Located in Jiangsu Province, this project is set to have a production capacity of 1.2GW. Now renamed as Jingang Solar, the company hopes that crossing over to the PV industry will secure new sources of revenue growth. Also, the company successfully manufactured its first batch of large-size (210mm) HJT cells in March of this year.

With the 1.2GW of production capacity as a foundation, Jingang Solar will undergo further capacity expansion. A deal was struck with Suzhou Maxwell Technologies Co. Ltd. on September 29 of this year. Maxwell will provide Jingang Solar with the equipment for eight HJT cell production lines. Each line will have a production capacity of 600MW, so the planned additional production capacity is set at 4.8GW. The scale-up of Jingang Solar’s production capacity will proceed in two phases and take 18 months to complete. The additional production capacity will improve the company’s core competitiveness and thereby reinforce the company’s position in the PV market.

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