Aiko Solar secures fund oversight for $3.45bn capital raise

Shanghai Aiko Solar Energy Co. (the company) has successfully opened special accounts for its raised funds and entered into four-party supervision agreements. The company's recent private placement of shares, approved by the China Securities Regulatory Commission, resulted in total raised funds of $3,499,999,995.54. After deducting underwriting fees and other issuance costs, the net raised funds amounted to $3,458,238,323.39.

To manage these funds, the company and its subsidiary, Zhejiang Aiko Solar Technology Co., established 11 special accounts across nine banking institutions. These accounts are designated for specific purposes, including supplementing working capital and funding the Yiwu Phase VI 15GW high-efficiency crystalline silicon solar cell project.

The four-party supervision agreements, signed with the banking institutions and Huatai United Securities Co., Ltd. (the sponsor), are in line with regulatory requirements. These agreements ensure the proper management and use of the raised funds, with the sponsor overseeing fund utilization through investigations, inquiries, and regular site visits. The agreements took effect on September 11, 2025, and will remain valid until all funds are expended and the sponsor’s supervision period concludes.