Flat Glass Group
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Native name | 福莱特玻璃集团股份有限公司 |
|---|---|
| Formerly | Naibang Trading |
| Company type | Public |
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| Industry | Glass production |
| Founded | June 24, 1998 |
| Founders |
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| Headquarters | Jiaxing, Zhejiang, China |
Key people |
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| Revenue |  Template:CNY (2023) |
| Template:CNY (2023) | |
| Total assets | Template:CNY (2023) |
| Total equity | Template:CNY (2023) |
Number of employees | 8,240 (2023) |
| Website | www |
Flat Glass Group (FGG; ) is a publicly traded Chinese corporation specializing in glass production, with its headquarters located in Jiaxing, Zhejiang.
Ranking as the world's second-largest manufacturer of photovoltaic (PV) glass utilized in solar power, FGG achieved a daily production capacity of 5,400 tonnes by 2019.
Background
Established on 24 June 1998 in Jiaxing, Zhejiang, FGG originally operated under the name Naibang Trading and was founded by Ruan Hongliang alongside his associates.
The company's entry into the photovoltaic glass sector occurred in June 2006 through its subsidiary Shanghai Flat Glass, initiating production at 100 tons per day. Although initially unprofitable, the firm swiftly obtained European certifications within three months. By 2012, photovoltaic glass sales accounted for 75% of the company's total revenue.
FGG launched its initial public offering (IPO) for H shares on the Hong Kong Stock Exchange on 26 November 2015. Subsequently, it secured a secondary listing for A shares on the Shanghai Stock Exchange on 15 February 2019, thus becoming a dual-listed entity.
In June 2023, the Public Investment Fund of Saudi Arabia acquired a stake exceeding 5% in FGG.
By October 2023, concerns regarding the downturn in China's property market led to FGG becoming the most heavily shorted stock on the Hong Kong market.
In November 2023, FGG revealed plans to invest US$290 million to construct a photovoltaic glass manufacturing facility in Indonesia aimed at cost reduction and enhancing its international footprint; this complements its existing plant located in Vietnam.
FGG's primary rival is Xinyi Solar, recognized as the largest global producer of PV glass. Xinyi Solar originated as a spin-off from Xinyi Glass in 2008 and went public in 2013, granting both companies substantial first-mover advantages within the photovoltaic glass industry.