On November 24, Sineng Electric Co., Ltd. announced that its application for a private placement of shares to specific investors has received registration approval from the China Securities Regulatory Commission (CSRC).
According to the approval, the private placement will be valid for 12 months from the date of registration consent. The company must implement the placement strictly in accordance with the submitted documents and issuance plan filed with the Shenzhen Stock Exchange.
Based on the latest disclosed plan, Sineng Electric intends to privately issue no more than 151 million shares to specific investors, raising up to RMB 1.649 billion. The net proceeds, after deducting issuance expenses, will be allocated to the construction of a 25 GW string-type photovoltaic inverter industrialization project, a 15 GW energy storage converter industrialization project, and to supplement working capital.
In this issuance, the company’s ultimate controller, Wu Qiang, will subscribe with RMB 50 million, with a lock-up period of 18 months.
As of August 8, 2025, Wu Qiang directly held 20.20% of Sineng Electric’s shares and indirectly controlled 8.39% through Shuohong Investment. Together with his son Wu Chao, they jointly control 28.59% of the company’s shares.
Based on the maximum number of shares to be issued, after completion of the placement, Wu Qiang and Wu Chao are expected to jointly control 22.69% of the listed company’s shares. Wu Qiang will remain the controlling shareholder, and both Wu Qiang and Wu Chao will continue to be the company’s ultimate controllers.
Sineng Electric stated that through this private placement to specific investors, the company’s capital structure will be optimized, funding pressure alleviated, financial risk reduced, and profitability improved.
Source：EnergyTrend