An Emerging Star in the PV Industry：The Rise of Jiangsu SolarSpace
1 - Valuation Soared Over 6 Times in Half a Year
Founded in 2011, SolarSpace Technology Co., Ltd. is engaged in the R&D, production and sales of high-efficiency solar cells. In less than a decade, the company’s cell capacity has grown rapidly and is expected to reach 50GW+ by 2023.
According to SolarSpace’s prospectus, the company plans to go public on the ChiNext board of the Shenzhen Stock Exchange and raise RMB 4 billion for capacity expansion and replenishing working capital. In the second half of 2022, the company was valued at around RMB 6.5 billion during a capital increase. Considering the share expansion after the IPO, SolarSpace’s valuation is expected to reach RMB 40 billion, surging over 6 times in just half a year.
2 - The Actual Controller Was Listed as Dishonest debtor Multiple Times
SolarSpace is actually controlled by Mr. Long Daqiang and his wife Meng Leye (孟丽叶), who jointly control 50.64% of the shares. Long was listed as a dishonest debtor and restricted from high consumption multiple times due to guarantee disputes.
Although Long objected to some of the debts, the court ultimately supported the creditors’ claims. Zhongyu PV has repaid all debts, and Long is also repaying according to the settlement agreement.
3 - The Actual Controller Once Arranged Relatives to Hold Shares
SolarSpace was previously involved in nominee shareholding at both company and shareholder levels. From 2016 to 2019, the company’s shareholders were Long’s wife’s relatives, and the nominee arrangement was terminated in 2020.
4 - Core Executives Once "Plated Gold" at Industry Leaders
- Many of SolarSpace’s core management team and technical staff have worked for industry leaders like JinkoSolar. This has sparked various speculations about talent flow.
In summary, SolarSpace has risen rapidly in the PV cell field, with key personnel coming from industry giants. However, there are still certain risks in terms of talent retention and corporate governance. It remains to be seen whether it can stand out in the competitive environment.