Canadian Solar’s Subsidiary CSI Solar Completes its IPO Process and Starts Trading on the Shanghai Stock Exchange

Canadian Solar Inc. (the “Company” or “Canadian Solar“) (CSIQ) today announces that its majority-owned subsidiary CSI Solar Co., Ltd. (“CSI Solar“) has completed its initial public offering (“IPO”) process and its shares started trading on the Shanghai Stock Exchange’s Sci-Tech Innovation Board on June 9, 2023 under the stock code 688472.

In the IPO, CSI Solar issued 541,058,824 shares, representing 15% of 3,607,058,824 shares outstanding immediately after the IPO. In addition, CSI Solar has granted the principal underwriter of the IPO a 30-day option to purchase up to an additional 81,158,500 shares of CSI Solar to cover over-allotments, if any. The total shares issued by CSI Solar will be 622,217,324, representing approximately 17% of 3,688,217,324 shares outstanding after the IPO, assuming that the over-allotment option is exercised in full.

The shares were issued at a public offering price of RMB11.10 per share and the total gross proceeds of the IPO are approximately RMB6.0 billion (approximately US$850 million). Immediately after the IPO, Canadian Solar owns approximately 64% of CSI Solar, assuming the over-allotment option is not exercised, or approximately 62% of CSI Solar, assuming that the over-allotment option is exercised in full.

The shares of CSI Solar will not be and have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.