Xinyi Solar Holdings Limited () was formed in 2008 in

Dongguan Dongguan (; ) is a prefecture-level city in central Guangdong Province, China. An important industrial city in the Pearl River Delta, Dongguan borders the provincial capital of Guangzhou to the north, Huizhou to the northeast, Shenzhen to the s ...

when

Xinyi Glass Xinyi Glass Holdings Limited is a private company in People's Republic of China, engaged in the production of float glass, automobile glass and construction glass. Its customers includes large international automobile corporations such as Ford, G ...

split off its

solar photovoltaic A photovoltaic system, also PV system or solar power system, is an electric power system designed to supply usable solar power by means of photovoltaics. It consists of an arrangement of several components, including solar panels to absorb and co ...

glass development, manufacturing, sale, and customer service. It is the largest solar cover glass producer in the world and has a 30% market share, according to

JP Morgan JPMorgan Chase & Co. is an American multinational investment bank and financial services holding company headquartered in New York City and incorporated in Delaware. As of 2022, JPMorgan Chase is the largest bank in the United States, the wo ...

Asia Pacific Equity Research. Xinyi Solar's chair is Lee Yin Yee. About 23% of the company is owned by Xinyi Glass. It was listed on the

Hong Kong Stock Exchange The Stock Exchange of Hong Kong (SEHK, also known as Hong Kong Stock Exchange) is a stock exchange based in Hong Kong. As of the end of 2020, it has 2,538 listed companies with a combined market capitalization of HK$47 trillion. It is repor ...

in December 2013. Its subsidiary Xinyi Energy, which operates

solar farm Solar may refer to: Astronomy * Of or relating to the Sun ** Solar telescope, a special purpose telescope used to observe the Sun ** A device that utilizes solar energy (e.g. "solar panels") ** Solar calendar, a calendar whose dates indicate t ...

s, also had an

IPO An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...

on the Hong Kong Stock Exchange in May 2019, with sponsor

BNP Paribas SA BNP Paribas is a French international banking group, founded in 2000 from the merger between Banque Nationale de Paris (BNP, "National Bank of Paris") and Paribas, formerly known as the Banque de Paris et des Pays-Bas. The full name of the grou ...

and cornerstone investors Law Kar-po and

Ma Jianrong Ma Jianrong ( born 1965) is a Chinese billionaire businessman in the textile industry, and the chairman of Shenzhou International, Shenzhou International Group Holdings Limited, a knitwear and garments manufacturer based in China. As of August ...

. In 2017, the company earned 9.527 billion

HKD The Hong Kong dollar (, sign: HK$; code: HKD) is the official currency of the Hong Kong Special Administrative Region. It is subdivided into 100 cents or 1000 mils. The Hong Kong Monetary Authority is the monetary authority of Hong Kong and ...

in revenue, an increase of 58.6% over the previous year, and a profit of 2.332 billion HKD, a 17.4% increase over the previous year. In June 2021 Xinyi Solar was added to the

Hang Seng Index The Hang Seng Index (HSI) is a freefloat-adjusted market- capitalization-weighted stock-market index in Hong Kong. It is used to record and monitor daily changes of the largest companies of the Hong Kong stock market and is the main indicator ...

. In February 2022, it was added to the

Hang Seng China Enterprises Index Hang Seng China Enterprises Index is a stock market index of The Stock Exchange of Hong Kong for H share, red chip, and P chip. H share is a class of ordinary share of the mainland China incorporated company that only traded outside the mainland ...

. Xinyi Solar was also chosen by

Goldman Sachs Goldman Sachs () is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered at 200 West Street in Lower Manhattan, with regional headquarters in London, Warsaw, Bangalore, H ...

as one of 50 stocks likely to benefit from the common prosperity drive. In 2022, the company announced plans to sell A shares on the

Shenzhen Stock Exchange The Shenzhen Stock Exchange (SZSE; ) is a stock exchange based in the city of Shenzhen, in the People's Republic of China. It is one of three stock exchanges operating independently in Mainland China, the others being the Beijing Stock Excha ...

, saying that there was more of an opportunity to obtain large-scale investments there than in Hong Kong and that a listing in Shenzhen would make it easier to compare Xinyi Solar's value with other Chinese solar companies. Xinyi Solar has said that the Chinese government's carbon-neutral goals have increased demand for photovoltaic glass, which is good for its business. This sentiment is echoed by investment manager Ken Xu, who expressed optimism about the company's future for the same reason in December 2021, even though Xinyi Solar was at that point one of the worst-performing components of the Hang Seng Index for the year. United States government sanctions against solar products from

Xinjiang Xinjiang, SASM/GNC: ''Xinjang''; zh, c=, p=Xīnjiāng; formerly romanized as Sinkiang (, ), officially the Xinjiang Uygur Autonomous Region (XUAR), is an autonomous region of the People's Republic of China (PRC), located in the northwest ...

have had mixed effects: the company's share price rose in June 2021, on the assumption that sanctions would adversely affect its competitors, but the share price sank in December 2021, as Xinyi Solar does some of its manufacturing in Xinjiang.

References

External links

* {{Hang Seng China Enterprises Index Companies listed on the Hong Kong Stock Exchange Companies listed on the Frankfurt Stock Exchange Companies in the Hang Seng Index Companies based in Dongguan Companies established in 2008 Civilian-run enterprises of China Solar energy companies of China Construction and civil engineering companies of China Companies based in Wuhu