Jingyang Electromechanical’s IPO fails

The IPO application of Zhejiang Jingyang Electromechanical Co., Ltd., a manufacturer of silicon ingot pulling equipment, has been rejected. The company’s main products include monocrystalline growth furnaces for the preparation of solar-grade silicon ingots. Jingyang filed for IPO in 2023, aiming to raise RMB 166 million (approx. $23.06 million) to fund the construction of 300 additional monocrystalline silicon growth furnaces annually, establish an R&D center, and supplement working capital.

With the prevailing overcapacity situation in the PV industry and the resultant weakened downstream demand, the company’s revenues decreased by 9.24% year-over-year (YoY) and net profit by 13.08%. In Q1 2025, its performance deteriorated further, with revenues and net profits plummeting 55.67% and 67.28% YoY, respectively.

According to a recent announcement by the Beijing Stock Exchange, Jingyang’s IPO application has been officially terminated.