Hoymiles Power Electronics Inc. ("Hoymiles" or "the Company"; Stock code: 
688032), a world leading microinverter manufacturer providing module-level 
power electronics solutions, has officially debuted today on the Shanghai Stock 
Exchange STAR Market through a virtual listing ceremony in Hangzhou.

The Hangzhou-based company publicly issued 10 million shares at CNY557.8 
(approximately US$87.5) apiece, raising a total of CNY5.578 billion 
(approximately US$875 million). The proceeds will be used to build the 
Company's smart manufacturing base, industrialize its energy storage inverter 
projects, upgrade smart electrical equipment and supplement working capital, to 
advance Hoymiles' product structures, expand business scales, increase the 
Company's profitability and risk prevention capabilities, bolster its core 
competency, and strengthen its market leading position.

Bo Yang, Co-founder and Chief Executive Officer of Hoymiles, said the listing 
on Shanghai's STAR Market is a significant milestone for the Company. "In this 
day and age, the industry outlook for the new energy sector remains promising, 
especially in the context of the global push for green and low-carbon 
transformation technology amid the ongoing climate crisis," Yang said. 
"Hoymiles continues to uphold the corporate mission of 'making energy smarter' 
and boost our research and development capabilities to provide our clients with 
the best photovoltaic products and services, as we remain committed to 
technology innovation."

Positioned as a technology company, Hoymiles has been making efforts to develop 
its own technology solutions. In a bid to advance its product quality, Hoymiles 
has put in lots of resources and manpower to boost its research and development 
work. For example, from 2018 to 2020, the Company's R&D spending accounted for 
5.5% of all expenses. In 2021, Hoymiles has 157 employees for R&D and technical 
task forces, taking up 27.5% of the company's entire staff.

This strong R&D capacity reflects Hoymiles' healthy growth. Founded in 2012, 
the Company has focused on the photovoltaic industry, witnessing rapid and 
steady growth in business on its home turf and abroad. Hoymiles continues to 
see strong momentum in its revenue growth, with ideal product industrialization 
conditions.

On top of its outstanding business, Hoymiles is also developing some more 
specific verticals in the PV industry. For example, it is actively developing 
equipment related to energy storage, and is speeding up its energy storage 
inverter industrialization projects, in a move to further expand the Company's 
product offerings.

Notably, Hoymiles is taking the lead in offering the best products and services 
in the PV industry. Its microinverter outruns many other suppliers in core 
parameters such as power density, power range, conversion efficiency and 
stability.

With the public listing on the A-share market, Hoymiles will move forward with 
its core values of "integrity, responsibility, professionalism and efficiency." 
With a goal of "transforming untamed power into smart energy," the Company is 
committed to making energy accessible to everyone, as Hoymiles continues to 
work toward its aim to become the best partner for world-class smart energy 
solutions.

SOURCE  Hoymiles Power Electronics Inc.