(Yicai) Feb. 24 -- Shares of JA Solar Technology advanced after the world's second-largest supplier of photovoltaic modules said it plans to file for a secondary listing in Hong Kong to finance its overseas capacity expansion.

JA Solar [SHE: 002459] closed up 2.3 percent at CNY12.74 (USD1.76) in Shenzhen today, giving it a market capitalization of CNY42.2 billion (USD5.8 billion).

JA Solar is actively discussing the issuance and listing process with relevant intermediaries, with the specific details yet to be finalized, the Hebei province-based firm announced on Feb. 21.

The proceeds from the secondary listing will be used to promote the company's global development strategy, accelerate its globalization, upgrade its supply chain, increase research and development capabilities, enhance its international brand image, strengthen capital, and improve its overall competitiveness, JA Solar noted.

Founded in 2005, JA Solar was the world's second-largest PV module maker by shipments alongside Longi Green Energy Technology and just behind Jinko Solar last year, according to data from industry information agency InfoLink Consulting.

Ja Solar had shipped a total of 242 gigawatts worth of solar products as of Sept. 30, last year, with sales footprints in 178 countries and regions, according to its official website.

The company was listed on the New York Stock Exchange's Nasdaq board in 2007 but went private and delisted in 2018. One year later, it completed a reverse merger to list on the Shenzhen Stock Exchange.

In response to the European Union’s and the United States' trade protectionism policies, JA Solar has actively expanded its production overseas in recent years, having built factories in Malaysia and Vietnam.

Last December, the firm announced it planned to invest about CNY4 billion (USD552.2 million) to build a plant with an annual production capacity of 6 GW of solar cells and 3 GW of solar modules in Oman.

Due to the oversupply in the PV industry, the prices of JA Solar's products plunged last year, which greatly impacted the company's performance. JA Solar said last month that it expects to have racked up a net loss of CNY4.5 billion to CNY5.2 billion last year, compared with a net profit of CNY7 billion in 2023.

Editor: Futura Costaglione