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since the photovoltaic industry chain company meike co., ltd. passed the review in december 2022, its ipo has progressed slowly. it was not until november 2023 that it submitted its registration, and it has not yet been approved for listing. what is the reason why its listing has been delayed?

caiwen.com analyzed that in addition to the current environmental reasons such as the dual challenges of temporary overcapacity and intensified market competition faced by the photovoltaic industry, the company itself also has many problems, such as unsustainable performance growth, high asset-liability ratio, sufficient cash but huge capital raising to replenish cash flow, etc. these combined factors have had a substantial impact on the ipo process of meike shares, and the company may still need to make more efforts to achieve an eventual listing.

photovoltaic industry greatly affected by the “change of weather”

public information shows that meike co., ltd. is a professional manufacturer of silicon rods/ingots and wafers in the upstream of the photovoltaic industry chain. it is currently mainly engaged in the research and development, production and sales of monocrystalline silicon wafers and monocrystalline silicon rods, as well as entrusted processing services for monocrystalline silicon wafers.

after comprehensive analysis, caiwen.com found that there are many reasons why meike shares have not been able to go public. the first is that the company is facing the current "changing" environment in the photovoltaic market.

as we all know, my country's photovoltaic industry has experienced rapid development in recent years, but it is also accompanied by serious overcapacity problems. with the overcapacity of the photovoltaic industry, market competition has become more intense. meike co., ltd., as a manufacturer of silicon rods, silicon ingots and silicon wafers in the upstream of the photovoltaic industry chain, faces competitive pressure from all sides.