Analysis of the Correlation Between JA Solar's Invalid Hong Kong IPO and Its Subsidiaries' Safety Accidents

Based on the information I have collected, I will provide a detailed analysis of the correlation between JA Solar’s invalid Hong Kong IPO and its subsidiaries’ safety accidents.

JA Solar submitted its listing application to the Hong Kong Stock Exchange (HKEX) on

, but its prospectus expired six months later. As of January 16, 2026, the company has not refiled[1]. This expiration time point deserves special attention.

According to the explicit inquiry from the China Securities Regulatory Commission (CSRC) in the supplementary material requirements for overseas issuance and listing filing, JA Solar’s subsidiaries did have two work safety accidents between

. Worse still, a fire broke out at a subsidiary’s factory [1].

The details of these safety accidents include:

• Time Span
  : Two work safety accidents occurred between 2022 and 2023
• Subsequent Event
  : A fire broke out at a subsidiary’s factory a few months after the 2023 safety accident
• Regulatory Attention
  : The CSRC explicitly required JA Solar to explain whether there are other work safety liability accidents and their specific details, and whether such situations constitute the financing restriction circumstances specified in the Circular of the State Council on Further Strengthening Work Safety in Enterprises[1]

Safety accidents have had a direct impact on the Hong Kong IPO. The CSRC

in the supplementary material requirements for filing, which is an important consideration in Hong Kong listing reviews[1]. According to relevant regulations, enterprises with major work safety liability accidents may face financing restrictions.

From the ESG report and relevant information, it can be seen that although JA Solar has established an EHS (Environment, Health and Safety) management system, safety accidents still occurred in actual operations, which reflects that

[3]. For Hong Kong listing reviews, the quality of internal control governance is an important indicator for evaluating a company’s listing eligibility.

It is worth noting that the invalidation of the Hong Kong IPO is not caused by the single factor of safety accidents, but by the superposition of multiple factors:

:

• The company expects a net loss of RMB 4.5-4.8 billion in 2025, and recorded a net loss of RMB 4.656 billion in 2024, with a
  cumulative loss of nearly RMB 10 billion over two years
  [2]
• The domestic gross profit margin was
  negative
  in 2024 and the first half of 2025[1]
• Asset impairment accounted for
  71.49%
  of the net loss in 2024[1]

:

• The concentrated release of production capacity in all links of the photovoltaic industry chain has led to
  periodic supply-demand imbalance
  [2]
• The average sales price of modules plummeted from RMB 1.47 per watt in 2023 to RMB 0.92 per watt in 2024[1]
• Escalation of international trade protection policies

There is a

between JA Solar’s invalid Hong Kong IPO and its subsidiaries’ safety accidents, but it is not the only reason:

1. Safety accidents are one of the direct triggers
   : The CSRC’s special inquiry indicates that safety accidents have become an important factor affecting the progress of Hong Kong listing
2. Internal control issues are amplified
   : Safety accidents have exposed the enterprise’s deficiencies in work safety management, which is a negative signal for Hong Kong listing reviews
3. Increased performance pressure
   : Against the background of huge losses and industry downturn, safety accidents have further weakened the company’s listing attractiveness
4. Invalidation caused by comprehensive factors
   : The invalidation of the Hong Kong IPO is the result of multiple factors including safety accidents, declining performance, and internal control issues

For JA Solar, if it wants to restart its Hong Kong IPO, in addition to improving its financial situation, it also needs to substantially enhance work safety management and internal control governance to meet the compliance requirements for Hong Kong listing.

---

[1] Phoenix Net Finance - “JA Solar: Hong Kong Listing Application Has Expired for Over Two Months, Suspicion Arises Related to Connected Party Identification Behind Over RMB 2 Billion Procurement” (https://i.ifeng.com/c/8pyINEDpKt1)

[2] NetEase Finance - “Expected Net Loss of RMB 4.5-4.8 Billion in 2025, Cumulative Loss of Nearly RMB 10 Billion in Two Years: What Happened to This Photovoltaic Leader?” (https://www.163.com/dy/article/KJ65G7JT0556BT46.html)

[3] JA Solar Official Website - “2024 Sustainability and ESG Report” (https://www.jasolar.com/uploadfile/publish/events/JA_Solar_Sustainability_and_ESG_Report_2024-CN.pdf)