July 27, 2020 / 11:36 AM / 18 days ago

Canadian Solar plans to list modules business in China

(Reuters) - Solar cell maker Canadian Solar (CSIQ.O) said on Monday it would pursue a listing of its modules and system business on either the Shanghai Stock Exchange’s Science and Technology Innovation Board or the Shenzhen Stock Exchange’s ChiNext Market.

The company’s modules business involves the design, development, manufacturing and sale of a range of solar power products, including standard solar modules.

“Canadian Solar shareholders, as owners of the China IPO issuer, will continue to own the solar manufacturing business and benefit from its potential growth upside,” said CEO Dr. Shawn Qu in a statement.

Based on China’s IPO market, the listing process is estimated to take 18-24 months, Canadian Solar said, adding that the subsidiary will also be required to turn into a Sino-foreign joint stock company.

Reporting by Shradha Singh in Bengaluru; Editing by Ramakrishnan M.

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