SHANGHAI and HANGZHOU, China, Dec. 20, 2021 /PRNewswire/ -- Hoymiles Power Electronics Inc. ("Hoymiles" or "the Company"; Stock code: 688032), a world leading microinverter manufacturer providing module-level power electronics solutions, has officially debuted today on the Shanghai Stock Exchange STAR Market through a virtual listing ceremony in Hangzhou.
The Hangzhou-based company publicly issued 10 million shares at CNY557.8 (approximately US$87.5) apiece, raising a total of CNY5.578 billion (approximately US$875 million). The proceeds will be used to build the Company's smart manufacturing base, industrialize its energy storage inverter projects, upgrade smart electrical equipment and supplement working capital, to advance Hoymiles' product structures, expand business scales, increase the Company's profitability and risk prevention capabilities, bolster its core competency, and strengthen its market leading position.
Bo Yang, Co-founder and Chief Executive Officer of Hoymiles, said the listing on Shanghai's STAR Market is a significant milestone for the Company. "In this day and age, the industry outlook for the new energy sector remains promising, especially in the context of the global push for green and low-carbon transformation technology amid the ongoing climate crisis," Yang said. "Hoymiles continues to uphold the corporate mission of 'making energy smarter' and boost our research and development capabilities to provide our clients with the best photovoltaic products and services, as we remain committed to technology innovation."
Positioned as a technology company, Hoymiles has been making efforts to develop its own technology solutions. In a bid to advance its product quality, Hoymiles has put in lots of resources and manpower to boost its research and development work. For example, from 2018 to 2020, the Company's R&D spending accounted for 5.5% of all expenses. In 2021, Hoymiles has 157 employees for R&D and technical task forces, taking up 27.5% of the company's entire staff.
This strong R&D capacity reflects Hoymiles' healthy growth. Founded in 2012, the Company has focused on the photovoltaic industry, witnessing rapid and steady growth in business on its home turf and abroad. Hoymiles continues to see strong momentum in its revenue growth, with ideal product industrialization conditions.
On top of its outstanding business, Hoymiles is also developing some more specific verticals in the PV industry. For example, it is actively developing equipment related to energy storage, and is speeding up its energy storage inverter industrialization projects, in a move to further expand the Company's product offerings.
Notably, Hoymiles is taking the lead in offering the best products and services in the PV industry. Its microinverter outruns many other suppliers in core parameters such as power density, power range, conversion efficiency and stability.
With the public listing on the A-share market, Hoymiles will move forward with its core values of "integrity, responsibility, professionalism and efficiency." With a goal of "transforming untamed power into smart energy," the Company is committed to making energy accessible to everyone, as Hoymiles continues to work toward its aim to become the best partner for world-class smart energy solutions.