It seems that it has nothing to do with the sudden changes in the policy. Recently, a number of interesting mergers and acquisitions are being implemented intensively inside and outside the A-share PV sector.
Among them, including the acquisition of 90% of Guodian Photovoltaic Co., Ltd., which took more than two years, after several setbacks, it was finally approved by the CSRC M&A Committee on June 22 and passed the unconditional approval on July 3. The transfer of assets; also on July 24, *ST Tianye (Tianye Tonglian) suddenly announced that it plans to purchase 100% of Jingao Solar, which has just been delisted from Nasdaq privatization, by way of issuing shares.
In addition, on June 6, Shanghai Electric and Hong Kong-based company Poly GCL Energy signed an agreement to acquire a 51% stake in Jiangsu Zhongneng, a subsidiary of GCL-Poly Energy, and the former chairman of *ST Hairun (Hairun Photovoltaic), controlled by Meng Guangbao The "Huajun Department" related company repaid a total of about 463 million yuan of debt for *ST Hairun on May 10 and July 23 this year, which became the *ST Hairun creditor, the industry. It is speculated that this will become the "ticket" in the bankruptcy reorganization of Meng Guangbao and the "Huajun Department" involved in the follow-up of *ST Hairun...
Now it seems that participating in these complicated mergers and acquisitions, not only the central and foreign enterprises, state-owned enterprises, and private enterprises in the industry, but also involved A-shares, Hong Kong stocks, Nasdaq and other markets, and they all occurred in the three ministries Before and after the issuance of the "Notice on Matters Related to Photovoltaic Power Generation in 2018" ("531 New Deal"), it is also brewing in the photovoltaic industry where competition is intensifying, subsidies are declining, and profits are falling.
All are optimistic about the development of the photovoltaic industry
It is hoped that by reducing the subsidies for electricity prices in 2018 and the scale of annual PV installations, it will force the photovoltaic industry to reduce costs and increase efficiency, eliminate backward production capacity, and accelerate the realization of the "531 New Deal" of parity online. It also inevitably triggers the price collapse of photovoltaic materials. The stock price of listed companies in the industry has fallen, and banks and financial institutions have become more cautious about the financing needs of the photovoltaic industry.
However, just as the industry is complaining, the "photovoltaic winter" under the media's rendering comes, including the industry's Zhonghuan shares, Qi Baofang, and the outside of Shanghai Electric, and even the "capital player" Meng Guangbao in the eyes of the people, all of which have become irrelevant. The “buyer†in the case of PV mergers and acquisitions.
On July 18th, China Stocks Co., Ltd. announced that it has completed the merger with the parent company Jinglong Group. As a result, Jingao officially delisted from Nasdaq and became a wholly-owned subsidiary of Jinglong Group. As the buyer of the transaction, Jingao Solar Chairman and CEO Yan Baofang and its holding Jinglong Group (also the first major shareholder of JA Solar) paid US$362 million, or about RMB2.449 billion.
In Jingao Solar just announced the completion of privatization, 6 days after the Nasdaq delisting, A-share listed company * ST Tianye (Tianye Tonglian) announced that the company and Jingao Solar real controller signed "significant assets" The Group Intention Agreement reached an agreement on the company's purchase of shares to purchase 100% equity of JA Solar. If all goes well, the restructuring will constitute a backdoor listing, and Bao Baofang will become the actual controller of the listed company.
Compared with the “photovoltaic circleâ€, Bao Baofang’s return to A-shares in the past three years has been a relatively “photovoltaic outsiderâ€, and Shanghai Electric has released a few days after the “531 New Deal†(June 6). It is announced that the company will acquire a 51% stake in Jiangsu Zhongneng, a subsidiary of GCL-Poly Energy, through cash and equity.
In response to this transaction, Shanghai Electric said in an interview with relevant media that the acquisition not only indicates that Shanghai Electric attaches great importance to the solar energy business, but also determines the judgment on the development trend of new energy. Although the "531 New Deal" has had some impact on the industry, Shanghai Electric, which has rich experience in the energy industry, is still firmly expressed. The policy is intended to promote the healthy development of the industry, eliminate backward production capacity, and make PV prices more competitive. The technological capabilities have been greatly enhanced, which is the best time to establish industry leadership.
At the same time, although several revisions have been made, it took two years. Zhonghuan’s share of the 90% stake in Guodian PV still shows its determined attitude. On March 23, 2018, although the SFC's listed company merger and acquisition review committee failed to review the purchase of assets through the Central Shares issue and raised matching funds and related transactions, the company believes that "this transaction is beneficial to the company to seize solar cells. Judging by the historical opportunity of high-speed development of monocrystalline silicon materials, high-efficiency battery components and semiconductor materials, Zhonghuan decided to further modify, supplement and improve the issuance of shares to purchase assets and raise matching funds and related transaction plans and related application materials to promote relevant matter.
M&A presents buyer industry layout
In addition to showing a firm optimistic attitude towards the photovoltaic industry, in the above-mentioned mergers and acquisitions restructuring transactions, especially the "industry buyers" all took the opportunity to plump their own wings, but also showed their respective layout ideas in the development of the photovoltaic industry.
Founded in 2005, JA Solar is listed on NASDAQ in 2007. The photovoltaic industry chain covers silicon wafers, batteries, components and photovoltaic power plants. According to its official website information, the company currently has 11 production bases and 27 branches around the world, with product footprints in more than 100 countries and regions. In the three years from 2015 to 2017, JA Solar ranked third in the world in terms of annual shipments for three consecutive years. In 2017, JA Solar's total shipments reached a record high, reaching 7.6GW, making it a battalion. The increase was 31% year-on-year, reaching RMB 19.7 billion.
But on this basis, before the delisting, the total market value of JA Solar was only 351 million US dollars (about 2.4 billion yuan). On the other hand, even if the PV sector is affected by the market environment and policy risks, the market value of Dongfang Risheng and Aikang Technology is about 10 billion yuan. In other words, if this backdoor return to A shares is successful, the market value of JA Solar will be greatly increased.
Shanghai Zhongneng is the largest polysilicon production base in the world. By 2017, the company's polysilicon production capacity was about 74,800 metric tons, up 8.4% year-on-year, still ranking first in the world. Not only that, as the core asset of GCL-Poly Energy, Jiangsu Zhongneng has always been a trusted raw material supplier for Chinese PV leaders, and is the only company in China that has mastered electronic grade polysilicon production technology. Previously, the "Securities Daily" reporter learned that the acquisition also includes SunEdison's fifth-generation CCZ pull crystal technology, silane fluidized bed granular silicon technology and its subsidiaries SunEdison ProductsSingapore, MEMC Pasadena and Solaicx. Part of the technology and assets.
In the case of Zhonghuan shares, the "Securities Daily" reporter said that the company's important reason for observing Guodian PV is its efficient HIT battery line in the Yixing base. The HIT battery production line was obtained through trading, enriching the technical route of Zhonghuan monocrystalline silicon battery. As a result, the company has two technical routes for N-type monocrystalline silicon photovoltaic cells - "heterojunction" and "back electrode".
In addition to HIT, Guodian Photovoltaic has also been the world's largest solar EPC general contracting company with strong market influence and brand awareness. Relevant information shows that the qualification certificates of Guodian Photovoltaic include: general contracting for power engineering construction (level 3); qualification certificate for foreign contracted projects; registration form for foreign trade operators; certificate for high-tech enterprises; certificate for registration of self-inspection enterprises; Customs registration certificate.
In short, unveiling the "531 New Deal" triggered the collapse of the price of material, the "surface phenomenon" of the stock price of listed companies in the industry, the above-mentioned buyers outside the industry have bet on the photovoltaic industry with "real money" or "actual action" Good development. However, at the same time, the above-mentioned mergers and acquisitions case also reflects the trend of private enterprises moving closer to central enterprises and state-owned enterprises, Hong Kong stock companies and US stock companies to A-share companies, and this seems to indicate the risk of short-term financing pressure in the photovoltaic industry.
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