(Yicai) March 12 -- Shares in Ming Jewelry jumped by the daily limit of 10 percent today, after it announced a CNY5.8 billion order received by its new photovoltaic business.

The shares [SHE: 002574] closed up 10 percent at CNY5.48 (USD0.76). 

In a deal with Changzhou-based PV panel giant Trina Solar, Ming Jewelry’s wholly owned solar subsidiary will provide 1.3 billion high-efficiency double-glass solar cells that use tunnel oxide passivated contact technology. 

The cells will be delivered in a three-year period from 2024 to 2026, the Zhejiang-based jeweler said in a statement late yesterday. Based on current market prices, the transaction will bring Ming Jewelry a total pre-tax sales income of CNY5.8 billion (USD808.6 million). 

High-efficiency solar cells using TOPCon and heterojunction technology are far more effective than traditional solar cells to convert light into electricity, and the new technology has persuaded various newcomers to enter the sector recently. Ming Jewelry, whose current main business is jewelry supplier, announced its plans in February last year, saying it would build a plant in its home city of Shaoxing with an annual capacity of 20 gigawatts of high-performance solar cells, including TOPCon and HJT products, the plant is expected fully operational in the first quarter of this year.

Editor: Tom Litting