Benzinga | Dec 13, 2021 02:57PM EST

Canadian Solar's CSI Solar Subsidiary Win's Shanghai Stock Exchange Approval For IPO

* Canadian Solar Inc's (NASDAQ:CSIQ) majority-owned subsidiary CSI Solar Co., Ltd won approval for the proposed initial public offering and listing of its shares by the Science and Technology Innovation Board (STAR Market) of the Shanghai Stock Exchange.

* "The listing will provide us another platform to raise growth capital and solidify our industry-leading module brand and manufacturing business, "Chair and CEO Dr. Shawn Qub said. Canadian Solar will remain as the majority and controlling shareholder of CSI Solar and the sole owner of the Global Energy business, which develops solar and battery storage projects in more than 20 countries across the world."

* Price Action: CSIQ shares traded higher by 0.55% at $32.65 in the market session on the last check Monday.