On September 19, 2024, Goldensolar (01121.HK) announced that its wholly-owned subsidiary, Goldensolar (Quanzhou), had entered into a joint venture agreement with Juxin and Longji. According to the agreement, the contracting parties agreed to establish a joint venture company with a registered capital of RMB 0.659 billion. After its establishment, the joint venture company will be owned by Juxin, Goldensolar (Quanzhou), and Longji with 52.51%, 27.31%, and 20.18% equity respectively.

The contracting parties have decided to establish a joint venture company to produce HBC solar cells. After upgrading Longji's four PERC production lines at the Xi'an Aerospace Industrial Base to high-efficiency HBC production lines in accordance with the relevant contractual specifications for efficiency and quality, the contracting parties intend for the joint venture company to sell most of the produced HBC solar cells to Longji or its affiliated companies, which will further package them into modules for sale.

The new HBC product technology has higher efficiency and other advantages. The directors believe that the Group will be able to commercialize the HBC product technology through this cooperation and replicate this collaboration model in the future, bringing excellent returns to the shareholders.