IPO of a PV Company in Jiangsu Terminated!

According to Polaris Solar PV Network, as reported on the Shenzhen Stock Exchange website, on December 31, 2024, Jiangsu Mige New Materials Co., Ltd. (referred to as "Mige New Materials") withdrew its IPO application for the ChiNext Market, marking the termination of its listing process.

Its prospectus (submitted for review) revealed that Mige New Materials planned to publicly issue no more than 32.1923 million shares, accounting for no less than 25% of the total share capital after issuance. The company aimed to raise 501.7698 million yuan, with the net proceeds after deducting issuance expenses intended entirely for the functional carbon fiber material production project, the R&D center construction project, and to supplement working capital.

Information shows that Mige New Materials was established in March 2019, with a registered capital of 96.5769 million yuan. The legal representative is the actual controller, Xinhua Chen. The company focuses on the field of high-temperature thermal insulation carbon materials, with main products including viscose-based/PAN-based graphite soft felt, graphite rigid composite felt, etc., which are widely used in PV silicon manufacturing thermal fields, semiconductor thermal fields, powder metallurgy thermal fields, and other scenarios.