Beijing December 11, the world's top three PV module shipments Canadian Solar Inc. (Canadian Solar, CSI: CSIQ) announced that Qu Xiaohua, chairman and CEO, intends to 18.47 US dollars / share price, Buying all the common shares of the company not belonging to Qu Xiaohua and his spouse Zhang Yubing meant that Artes became the fourth PV unit to be privatized in recent years.
Artes was founded in 2001 by Qu Xiaohua, the first panelist of the state's "Thousand Talents Program". The company is headquartered in Ontario, Canada and landed in the United States in 2006 on NASDAQ.
Third quarter of this year, Canadian shipments of components 1770MW, the first three quarters of the total shipments of 5104MW, second only to Crystal Energy (NYSE: JKS) ranked second in the world in previous years, component shipments in the top two Crystal Energy Game Trina Solar fueled by the third quarter due to the privatization of financial data.
Artes privatization of the industry accidents.
A photovoltaic practitioners told reporters on the interface that Artes is highly internationalized and its business is mainly concentrated overseas. The share of its power station and component business in the domestic market is relatively low.
In 2001, Artest was founded with the rapid development of Europe and the United States PV market demand, components business has grown.After more than 10 years of layout, the company set up in the world 10 photovoltaic manufacturers and more than 20 Countries and regions have established branches.
As of 2016, Artes components shipments reached a record high of 5,232 megawatts, and to date, the company has delivered over 22GW of PV modules to more than 1,200 customers in more than 100 countries.
Although Canadian's main manufacturing base and R & D base are located in China, its team has a strong overseas background, and since 2009 the company has been focusing its business operations on high-quality overseas power plant assets.
As of September 30, 2017, Artes held a total of 1,419.5 MWh of PV power plant projects.
According to the "ENERGY ONE" report on December 13, Canadian high-definition New Energy Development Co., Ltd. (hereinafter referred to as GEC, NEEQ: 834908) may become an outpost for its IPO of A-shares Chuangte or retreat from the new three boards, enter the motherboard market. Chuang special was established in 2005, four years after landing the new board, the main business.
However, the above-mentioned industry insiders said that a record high-scale small, unlikely to become the subject of Artes listed in the country now Artest assets in the country is mainly a component factory, a special record of these assets will be incorporated, Reboard and Artest will be packaged as a whole domestic assets, the direct listed compared to no obvious advantage.
Compared with other PV stocks, Artes is unique in that Qu Xiaohua, chairman and CEO of Canadian-Chinese. '(Artes) A-share market more difficult, of course, does not rule out the listing of Hong Kong stocks Maybe, 'he said.
Interfacing Journalists asked Qu Xiaowu about whether Weiss planned a listing of A shares via WeChat. The other respondents said that because of the 'compliance' requirement, we can not say much more that everything is based on the official 'Press Release'.
Up to now, including Artes, including the four PV shares in the implementation of privatization went to A shares.
Last June, Li Xian Shou, chairman and CEO of Reuter Sunshine (NYSE: SOL), planned to acquire the company's photovoltaic and LED manufacturing business. In August last year, Trina Solar (NYSE: TSL), a 10-year NUS debuting the NYSE, Privatization with the consortium of investors reached $ 1.1 billion and was formally privatized in March this year to delist from the Nasdaq. In 2015, JUSO Solar, a privatization company proposed, Announced last month that it will acquire and privatize an investor consortium of 362 million U.S. dollars, including its chairman and CEO Jin Baofang.
In addition to the public expression of Trina Solar, which is expected to land as soon as possible on A-shares, there is currently no second plan for a clear return of A-shares to PV stocks. At the beginning of this month, JA Solar was still in full swing in its return to A-shares The statement said there is no plan to go public in the country.
However, it is not controversial that the domestic A-shares are coveted 'Hong Kong Tail' in choosing to return to the "middle class." Compared with the A-share market, the listing of US stocks and Hong Kong stocks is relatively easy but the number of listed companies is large, Investors choose more, so there is no A-share capital concentration, the company's valuation more rational.
In 2005, the rapidly developing Chinese PV industry fired the first shot of landing US stocks. Suntech became the first Chinese private company listed on the NYSE. Its founder Shi Zhengrong's stock surged to 2.3 billion U.S. dollars and became China's richest man .
According to the rough statistics of the interface news reporter, within two years since 2005, 10 Suntech companies in China have successfully listed overseas, including Trina Solar, Yingli Green Energy (NYSE: YGE), JA Solar, etc. are listed in the United States at this time.
However, the subsequent over-expansion brought about overcapacity. Many countries in Europe and the United States frequently initiated 'double reverse' and the PV industry in China entered the 'winter' period. The PV companies listed in the United States face the risk of low valuation and delisting. Increase the support for photovoltaic policy, most companies will focus on strategic layout from the previous overseas market adjusted to the domestic market, take the initiative to privatize and delisting to return to the domestic A shares.
According to the statistics of the interface news reporter, as of now, the stocks still strong in the US stock market include Jingke Energy, Yingli Green Energy, New Energy (NYSE: DQ), Skyray (NASDAQ: SKYS) Can treasure (NASDAQ: SPI) and so on.
According to the latest data on December 14, Crystal Energy, the market capitalization of 771 million US dollars, closing at 24.4 US dollars / share; Yingli Green Energy market value of 34.54 million US dollars, the stock closed at 1.9 US dollars / share; New Energy market capitalization $ 493 million, the stock price closed at 48.33 US dollars / share; Tianyu Sunshine market capitalization of 79,708,800 US dollars, shares closed at 1.5 US dollars / share; Green Power treasure market value of 414 million US dollars, the valuation closed at 0.58 US dollars / share.
'On the one hand, the reason for the return of stocks in part due to the difference in valuation between China and the United States, the United States generally lower valuation of photovoltaic plate, A shares generally high valuation,' Yingli reply interface news reporter said, on the other hand, it is because in recent years Some of the other sectors, such as Stormwind, have experienced substantial market capitalization returns after the handover, which is a normal demonstration of the business taking into account a variety of circumstances. '
'The market value of any PV A-share listed company that performs well at any time is the sum of the market capitalization of all Chinese PV companies listed in the United States,' said one person who worked for a company in a PV stock market. The expression has become a true portrayal of the shares of listed PV companies at home and abroad in recent years.
'The low valuation will lose the ability to finance, which is the key' snowball 'V' money Truth told the interface of the press reporter said.Up to now, ReneSola, Yingli Green Energy, JA Solar, the new energy, CLP Photovoltaic, Green Energy Po and many other photovoltaic stocks, have been due to the share price of less than 1 US dollars and received delisting warning.
Is it reasonable that the current PV stocks that remain in the US stock market seem out of fashion?
As the world's largest component maker, Crystal Energy, which successfully landed on the New York Stock Exchange in 2010, is one of the most powerful mid-stocks stocks in the US stock market. However, in fact, it is also aware of the need to privatize the spin-off business earlier China plans to list in the stock.
In early 2014, JinkoSolar announced the expected divestment of the power station business in Hong Kong. In November 2016, the consortium led by Mr. Li Xiande, chairman of JinkoSolar Energy, acquired the company's Jiangxi-based JinkoSolar Energy Engineering Co., Ltd. 55% stake through this transaction, Crystal Branch out of Crystal Power Division of the downstream electricity business.
In March of this year, Jingke Energy CEO Chen Kangping said that in the future, Jingke Power will go public separately, but as for whether domestic or foreign countries need to be more suitable for development, Chenkang Ping said.
The industry believes that the practice of crystal energy is completely different from Trina Solar and JA Solar, it first chose to peel part of the plant first, because the power plant business are basically heavy assets of high debt, will drag on listed companies The original balance sheet, if all the privatization of the business certainly because of the 'plate' big and difficult, so this approach seems quite sensible.
'Crystal Division's power station business to do particularly large, the first step after the spin-off is certainly the first listed Crystal Power, is said to be in the A-share listing in 2018.' He said that only after the listing of power plant crystal resources may Crystal Consider the return from the US stocks, but the company's overseas markets to do better, very high acceptance, may also choose not to return.
'(I think) Crystal Energy will not be privatized for the time being or back to the A-share market.' Money truth told the interface reporter, because now Crystal Power is listed in A shares of the market, and good overseas base Crystal Energy, Can enjoy the overseas bank recognized English statements and overseas listing of the US brand effect.
In the future, this will spin out the power plant assets listed in the domestic market this approach may be popular.China Recycling Economy Association of Renewable Energy Professional Policy Research Peng Peng on the interface reporter said, 'the new energy industry as a whole return to A shares Listing is a big trend. In the future, as the installed capacity of photovoltaic power plants continues to increase, many power plant owners will go public and capitalize their operations domestically. Of course, this also requires a very complicated financing design.
She added that if PV stocks like Crystal Energy and Artes could own a domestic listing platform that would be conducive to other domestic financing operations, companies could capitalize on the assets by filling in assets, Or through the invoice, bonds and other ways.
In addition to the first step of the privatization of Crystal Energy, in recent years, debt-ridden Yingli green energy privatization has also been the industry's attention.
The world's largest photovoltaic panel maker, which suffered heavy losses from continuing losses, huge debts and a broken capital chain all the way from the edge of bankruptcy collapse, has been perennially hitched by the European Union's "double reverse" PV test of China in 2012.
According to Bloomberg data, Yingli Green Energy's total liabilities amounted to MOP11.4 billion as of the end of September 2016. A regulatory report in May showed that its creditors include Bank of China, CITIC Bank, Xinjiang Tianshan Rural Commercial Bank and Baoding Rural Credit Union.
The second quarter of this year, the company's net revenue reached 3.174 billion yuan in the first quarter of 1.238 billion yuan; net loss of 297.6 million yuan, a loss of 1.84 billion yuan in the first quarter. 'Yingli various aspects of the conditions are not ideal, it is difficult to get investment Approved, so for the time being will not be privatized. "Money truth said.
'Yingli may be privatized and privatized.' The insiders expressed different opinions that investors had intended to enter a year or two ago but were opposed by Miao Liansheng, chairman of the group at the time. 'Although now Cash flow from listed companies is tight, but Yingli Group has other businesses, such as real estate, fully privatized. '
Yingli Green Energy replied to the interface reporter that there is currently no plan to privatize A-shares and that the company is currently working hard to solve its own debt problems so as to improve its operation.
There is no doubt that the new energy industry as a whole is gradually listed on the A shares. In particular, the privatization of general shares in the photovoltaic industry and the return of A shares to the public market are the general trend.
Jiang Yali, chief analyst of solar energy at Bloomberg New Energy Finance (BNEF) once told the interface reporter that the CSRC has now stepped up its supervision of IPO and backdoor listings and at least the time cost of returning to the A-share market will be greater.In the past few years, In 2015, in particular, more than 30 middle-class stocks were announced for privatization. Five of the middle-class stocks that announced their delisting stopped the process of privatization.
For photovoltaic stocks, the choice of return of capital and time costs are not low, in addition to bear the risk of being able to successfully listed in the new energy, such as Green Power Po PV stocks in the second tier is For example, they need to consider whether they have the ability to assume the risk of returning to A shares.
'Now regulatory review of the domestic financial markets more stringent in the foreign delisting can be successfully listed in the country actually have some risks.' Peng Peng said that once delisted from the United States, the company first need a fund for the recovery of shares , Then to be listed again in the country, there is a long time difference between the middle and whether there are uncertainties in financing and listing, each company according to their own situation to determine whether to take this risk.
