Flat Glass Group

Flat Glass Group Co., Ltd.
Native name
福莱特玻璃集团股份有限公司
FormerlyNaibang Trading
Company typePublic
IndustryGlass production
FoundedJune 24, 1998; 26 years ago (1998-06-24)
Founders
  • Ruan Hongliang
HeadquartersJiaxing, Zhejiang, China
Key people
  • Ruan Hongliang (Chairman)
  • Ruan Zeyun (President)
RevenueIncrease CN¥21.52 billion (2023)
Increase CN¥2.76 billion (2023)
Total assetsIncrease CN¥42.98 billion (2023)
Total equityIncrease CN¥22.29 billion (2023)
Number of employees
8,240 (2023)
Websitewww.flatgroup.com.cn
Footnotes / references
[1]

Flat Glass Group (FGG; Chinese: 福莱特玻璃集团; pinyin: Fúláitè Bōlí Jítuán) is a publicly listed Chinese glass production company headquartered in Jiaxing, Zhejiang.

It is the world's second largest producers of photovoltaic (PV) glass used in solar power. In 2019, it had a daily capacity of 5,400 tonnes.[2][3][4]

Background

FGG was established originally as Naibang Trading on 24 June 1998 in Jiaxing, Zhejiang province. It was founded by Ruan Hongliang and several partners.[2][4][5]

In June 2006, FGG expanded beyond the flat glass business and entered the PV glass industry with the establishment of the entity Shanghai Flat Glass. It had a capacity of 100 tons per day. Originally the business lost more than 200,00 each day but three months later, the products passed certifications needed to enter the European business.By 2012, PV glass accounted for 75% of FGG's revenue.[2][5]

On 26 November 2015, FGG held its H share initial public offering (IPO) becoming a listed company on the Hong Kong Stock Exchange.[2][4][5]

On 15 February 2019, FGG held its A Share secondary listing on the Shanghai Stock Exchange becoming a dual-listed company.[4][5]

In June 2023, it was reported Saudi Arabia's Public Investment Fund had acquired over a 5% stake in FGG.[6]

In October 2023, it was reported that FGG was the most shorted stock in Hong Kong. It was speculated that it had a poor future outlook due to the Chinese property sector crisis that would affect the construction business.[7]

In November 2023, FGG stated it planned to invest US$290 million to build a PV glass plant in Indonesia to cut production costs and improve its overseas business positioning. It already had an overseas plant in Vietnam.[8]

FGG's main rival is Xinyi Solar which is the largest PV glass producer in the world. Xinyi had split off from its parent Xinyi Glass in 2008 and held its IPO in 2013 which was earlier than FGG. As they entered the market early, both have a significant first-mover advantage over competitors.[2][3][4][5]

See also

References

  1. ^ "2023 Annual Report" (PDF). HKEX.
  2. ^ a b c d e Yu, Vincent (15 May 2018). "Flat Glass (6865 HK)" (PDF). East Money Information. Archived (PDF) from the original on 13 April 2024. Retrieved 16 March 2024.
  3. ^ a b Ip, Dennis (28 November 2019). "Flat Glass Group (6865 HK)". Daiwa Capital Markets. Archived from the original on 29 May 2023. Retrieved 16 March 2024.
  4. ^ a b c d e "Xinyi Solar (968 HK): Photovoltaic Glass Prices Keep Rising on Tight Supply" (PDF). Orient Securities. 29 January 2021. Archived (PDF) from the original on 5 December 2022. Retrieved 16 March 2024.
  5. ^ a b c d e "福莱特，浙江千亿"玻璃大王"狂飙_澎湃号·湃客_澎湃新闻-The Paper". www.thepaper.cn. Archived from the original on 13 April 2024. Retrieved 16 March 2024.
  6. ^ Jiaxing, Li (23 June 2023). "Saudi's US$700 billion wealth fund is a fan of Alibaba, Pinduoduo, Flat Glass stocks as Middle East-China ties spur new deals". South China Morning Post. Archived from the original on 12 February 2024. Retrieved 16 March 2024.
  7. ^ "Flat Glass Group (HKG: 6865) is Honk Kong's most shorted stock - why?". Dhaka Tribune. 4 October 2023.
  8. ^ Shihua, Tang (14 November 2023). "China's Flat Glass to Invest USD290 Million to Build PV Glass Plant in Indonesia". www.yicaiglobal.com. Archived from the original on 13 April 2024. Retrieved 16 March 2024.