Flat Glass Group Explained

Flat Glass Group Co., Ltd.
Native Name:福莱特玻璃集团股份有限公司
Former Name:Naibang Trading
Type:Public
Location:Jiaxing, Zhejiang, China
Revenue: (2023)
Net Income: (2023)
Assets: (2023)
Equity: (2023)
Num Employees:8,240 (2023)
Industry:Glass production
Footnotes:[1]

Flat Glass Group (FGG;) 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]

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.[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.

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

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

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.

See also

Notes and References

  1. Web site: 2023 Annual Report . HKEX.
  2. Web site: Ip . Dennis . 28 November 2019 . Flat Glass Group (6865 HK) . Daiwa Capital Markets . 16 March 2024 . 29 May 2023 . https://web.archive.org/web/20230529060155/https://asiaresearch.hk.daiwacm.com/DAIWA/external/download?q=19af3b2938b6ab05a1faad97f3e151890ad5e2775Wqx%2BMT50PFbduOf5JnA%2Fk49ysnq4k%2Bi5RwxWR%2Bj5E7sRXDysEjE2%2FOFkQ9sLudsZZglFBlQaMlJkL3GtOhu%2FGdgKXlBkpXEAyHcskoy%2FOmKQhXWpZJcUj3C0heS4Rd9pWpmYLypEFDgt%2B76IsEsG9qr67MhbcGVtoX1P21Jut89Gx1Rflwarnp1n%2BqaPtIVGNMEcFqJXMVO56xisnOiyPQ%3D%3D . live .
  3. Web site: 29 January 2021 . Xinyi Solar (968 HK): Photovoltaic Glass Prices Keep Rising on Tight Supply . Orient Securities . 16 March 2024 . 5 December 2022 . https://web.archive.org/web/20221205044547/https://www.dfzq.com.hk/ueditor/jsp/upload/file/20210129/1611883473007092281.pdf . live .
  4. Web site: Yu . Vincent . 15 May 2018 . Flat Glass (6865 HK) . East Money Information . 16 March 2024 . 13 April 2024 . https://web.archive.org/web/20240413030028/https://pdf.dfcfw.com/pdf/H3_AP201805151143675192_1.pdf . live .
  5. Web site: 福莱特，浙江千亿"玻璃大王"狂飙_澎湃号·湃客_澎湃新闻-The Paper . 16 March 2024 . www.thepaper.cn . 13 April 2024 . https://web.archive.org/web/20240413030730/https://www.thepaper.cn/newsDetail_forward_14811090 . live .
  6. Web site: 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 . live . https://web.archive.org/web/20240212020915/https://www.scmp.com/business/markets/article/3224986/saudis-us700-billion-wealth-fund-fan-alibaba-pdd-flat-glass-stocks-middle-east-china-ties-spur-new . 12 February 2024 . 16 March 2024 . South China Morning Post . en.
  7. Web site: 4 October 2023 . Flat Glass Group (HKG: 6865) is Honk Kong's most shorted stock - why? . Dhaka Tribune.
  8. Web site: Shihua . Tang . 14 November 2023 . China's Flat Glass to Invest USD290 Million to Build PV Glass Plant in Indonesia . 16 March 2024 . www.yicaiglobal.com . en . 13 April 2024 . https://web.archive.org/web/20240413031045/https://www.yicaiglobal.com/news/chinas-flat-glass-to-invest-usd290-million-to-build-pv-glass-plant-in-indonesia . live .

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