On December 9, LONGi announced that it would terminate its plan to issue Global Depositary Receipts (GDRs) overseas and list on the SIX Swiss Exchange.
Reviewing the development of this project, LONGi first initiated preparations for the GDR issuance in October 2022 and obtained approval from its shareholders’ meeting in November of the same year. The resolution at that time was valid for 18 months. In May 2023, following the release of new regulatory rules by the China Securities Regulatory Commission regarding overseas GDR issuance by domestic listed companies, LONGi responded promptly. In June and July of the same year, the company convened meetings of the Board of Directors and an extraordinary shareholders’ meeting to adjust and review the proposal for issuing GDRs overseas based on newly added A-shares and to assess the feasibility of the intended use of proceeds.
Regarding the reasons for terminating the issuance, LONGi stated in the announcement that although its Board, management team, and intermediaries had been actively advancing the related work, “multiple external factors have changed,” and the validity period of the resolutions related to the issuance and listing had already expired. After prudent analysis and discussion, the company decided to discontinue the plan.
LONGi emphasized that its operations remain stable and orderly. The decision to terminate the issuance was made after comprehensively considering various factors and the company’s actual situation. The termination will not have any significant adverse impact on the company’s operations or long-term development, nor will it harm the interests of the company or its shareholders—particularly minority shareholders.
Source：EnergyTrend