Canadian Solar's Subsidiary CSI Solar's IPO Pricing Announced by the Shanghai Stock Exchange

Canadian Solar Inc. (the "Company" or "Canadian Solar") (CSIQ) today announces that, in connection with the proposed initial public offering ("IPO") of its majority-owned subsidiary CSI Solar Co., Ltd. ("CSI Solar") on the Sci-Tech Innovation Board of the Shanghai Stock Exchange, the Shanghai Stock Exchange has announced the pricing of the IPO of CSI Solar's shares.

CSI Solar plans to issue 541,058,824 shares, representing 15% of 3,607,058,824 shares outstanding immediately after the IPO. In addition, CSI Solar plans to grant the principal underwriter of the IPO a 30-day option to purchase up to an additional 81,158,500 shares of CSI Solar to cover over-allotments, if any. CSI Solar plans to issue 622,217,324 shares, representing approximately 17% of 3,688,217,324 shares outstanding immediately after the IPO, assuming that the over-allotment option is exercised in full.

The proposed pricing of the IPO is RMB 11.10 per share. The estimated total gross proceeds of the IPO are expected to be approximately RMB 6 billion. Currently, Canadian Solar owns approximately 80% of CSI Solar's outstanding shares. Immediately after the completion of the IPO, Canadian Solar will own approximately 64% of CSI Solar, assuming the over-allotment option is not exercised, or approximately 62% of CSI Solar, assuming that the over-allotment option is exercised in full. The issuance and subscription date of the IPO is expected to be May 31, 2023. The final IPO share placement and share allocations are expected to be confirmed on June 5, 2023.

The shares of CSI Solar will not be and have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.