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Drinda aims for Hong Kong IPO to propel global growth

TOPCon solar cell manufacturer Drinda, a company listed in China’s A-share, has applied for listing on the Hong Kong Stock Exchange (HKEX). Jointly sponsored by Huatai International, CMB International, and Deutsche Bank, the move could make Drinda the first PV cell producer to be dual-listed in Mainland China and Hong Kong.

Business Snapshot:

  • Three production bases with a combined capacity of 31 GW for n-type TOPCon cells and 9.5 GW for p-type PERC cells.
  • High utilization rates of 93.3%, 94.8%, and 96.6% for 2021-2022 and the first nine months of 2023.

Financial Turnaround:

  • Rapid growth with revenues of about RMB 1.639 billion, RMB 11.086 billion, and RMB 14.342 billion in 2021, 2022, and the first nine months of 2023.
  • Net profits turned from -RMB 188 million to RMB 1.638 billion during the same periods.

Strategic Shift:

  • As an automotive instrument panel assembly manufacturer, Drinda made a comprehensive shift into PV cell business in June 2022 through the acquisition of Jietai Solar.
  • N-type TOPCon cell revenue surged from 18.6% to 68%, making Drinda a leader in this segment.
  • Frost & Sullivan predicts total n-type cell shipments to reach 1135.3 GW, representing 95.6% of global shipments by 2030.

Market Position:

  • TOPCon cell shipments of 1.8 GW in 2022 secured Drinda’s top position among manufacturers with a 75% global market share.
  • Global market share maintained at 57.4% as of June 30, 2023.

Why Hong Kong?

  • Drinda aims to raise funds for overseas capacity, expansion, and R&D.
  • Overseas sales grew from 0% to 4.66% in the first three quarters of 2023.
  • The company targets an overseas sales share of over 10% in 2024.

In summary, Drinda Corporation’s move to list in Hong Kong reflects its ambition for global expansion, leveraging its leadership in PV cell technology.


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