After two months of suspension, ST Boyuan, which had not been successfully reorganized, finally launched a restructuring plan.
ST Boyuan announced the restructuring plan on September 29. The company plans to issue 145 million shares at a price of not less than 12.88 yuan per share, and purchase Jiangxi Ruijing Solar Energy held by Zhongrui Investment, Cai Changchun and Xinyu Rirun Solar Energy Application Co., Ltd. Technology Co., Ltd. (hereinafter referred to as Ruijing Technology) 100% equity, and at the same time to Zhongrui Investment to sell all the assets of the business as of September 30, 2011, the estimated assets to be sold is about 57.619 million yuan, the purchase of assets is estimated The value is about 1.87 billion yuan, which is 2.66 times higher than the book assets.
Ruijing Technology will use this to achieve a backdoor listing, ST Boyuan will become a crystalline silicon solar cell company.
It is worth noting that at present, the photovoltaic industry can be described as a lot of problems. Due to overcapacity, many SMEs are at risk of bankruptcy. In this context, investors are inevitably questioning, can ST Boyuan achieve a gorgeous turn?
Restructuring professional households want to change again
Photovoltaic cell manufacturer
ST Boyuan has successively referred to as Huayuan Pharmaceutical, *ST Source Medicine, Zhejiang Phoenix, S*ST Source Medicine, ST Source Medicine, *ST Hua Medicine, etc., and is known as a restructuring professional account in the capital market.
In August 2007, the original major shareholder Xingda Investment reorganized ST Boyuan again, but the business situation has not improved, but the debt burden has become heavier. Since 2009, the company's original environmentally-friendly circular economy industrial operating assets and modified asphalt industry have been judicially auctioned or divested, the company's main business has come to a standstill, so asset restructuring is imperative.
ST Boyuan injected the PV business assets owned by Ruijing Technology into the listed company to realize the overall landing of the capital market.
It is understood that Ruijing Technology was established in January 2008 with a registered capital of 350 million yuan, mainly engaged in research and development, production and sales of solar crystalline silicon cells and components.
As of the end of June 2011, Ruijing Technology has 17 polycrystalline silicon cell production lines with an annual production capacity of 425MW of polycrystalline silicon cells and 75MW of battery components, and invested in the construction of a 2.59MW Golden Sun Demonstration Project. From the perspective of battery production capacity, the size of this company can not be squeezed into the top ten. However, the company said that it plans to invest in the fourth battery plant and add 12 polysilicon cell production lines. By then, its cell design capacity is expected to reach 750MW.
Shen Hongwen, a researcher in the new energy industry of China Investment Consulting, told the "Securities Daily" reporter that due to factors such as credit shortages and industry downturns, PV companies are generally facing insufficient funds. After the listing of Ruijing Technology, it will help to increase its financing channels, which is of great benefit to its further expansion. These favorable factors have laid the foundation for ST Boyuan to improve its performance. Of course, the challenge is also objective. Mainly because the current PV industry is in a dilemma of falling prices, corporate profits are more difficult, and the full opening of the domestic market will take time. These factors add uncertainty to the future development of ST Boyuan.
Overcapacity in the photovoltaic market
SMEs are experiencing bankruptcy
In fact, at present, according to the China Nonferrous Metals Association Silicon Branch, the current inventory of battery sheets will be at least 10GW. The latest statistics from the authority solarbuzz show that the demand in the European market this year has decreased by 20% compared with the same period last year. If domestic manufacturers are shipped at the beginning of the year, it is expected to exceed the terminal market demand of 4.4GW. The agency expects component stocks to soar to 22 GW by the end of next year if production is not effectively controlled.
Xiaoxin, a researcher in the new energy industry of China Investment Consulting, told the "Securities Daily" that the development of the photovoltaic industry always revolves around the dispute between speed and quality. One of the major problems facing the development of China's PV industry is that it is too speedy and ignores the quality of development. Most companies focus on expanding the scale and production capacity of enterprises, ignoring the research on core technologies, often falling into big but not strong. situation. In addition, most domestic PV companies use price as a means of competition to expand the production scale and reduce the price of photovoltaic modules to open up the market, which has caused overcapacity in the PV market this year.
Taking Zhejiang as an example, there are currently about 205 PV companies, of which about 110 are established after September 2010, and the scale is below 100MW.
"The photovoltaic industry is developing rapidly and expanding blindly. A large number of enterprises have entered this industry, and their products are concentrated in the lower threshold of photovoltaic modules, resulting in overcapacity and limited industry development." Shen Hongwen said.
Earlier media reports said that in the past few months, more than 50 solar companies have fallen in the country, and one-third of enterprises are in a semi-discontinued state.
Some insiders pointed out that the serious overcapacity has led to the production of some small enterprises close to the break-even point, and the possibility of being merged or closed next year is increasing. In the next two or three years, there will be a round of industry reshuffle in the photovoltaic industry, and more than 30% of PV companies, especially small ones, will face the fate of being eliminated.
Photovoltaic industry is seriously polluted
Will face adjustment during the 12th Five-Year Plan period
Not long ago, Jingke Energy's pollution door incident caused great concern in the market, exposed the pollution status of the photovoltaic industry, and triggered many public concerns about the environmental problems of the photovoltaic industry.
“At present, there are pollutants in many aspects of the photovoltaic industry. At present, the current situation in China is that most PV companies are small in scale. In order to save costs, the most advanced production processes and equipment are not used, and the pollutants are not harmless. Processing, which led to a series of environmental problems," Xiao said.
He pointed out that to eliminate pollution problems in the photovoltaic industry, technology is not the key, and cost is the core of the problem. The treatment of pollutants requires enterprises to adopt advanced production processes, which will greatly increase the production costs of photovoltaic enterprises. For the fiercely competitive photovoltaic industry, most SMEs are not willing to bear such costs, which makes it difficult to eliminate pollution problems. â€
In addition, Chen Long, a researcher at Minsheng Securities, pointed out that the latest report on the “Twelfth Five-Year Plan for Solar Photovoltaic Industry Development†shows that by 2015, polysilicon production will achieve simultaneous improvement in industrial scale, product quality and environmental protection level, and the average integrated power consumption will be low. At 120kWh/kg, the comprehensive utilization rate of by-products will reach over 99%, and enterprises that fail in energy consumption will be shut down and eliminated.
Shen Hongwen also believes that although China's photovoltaic industry is large in scale and has a large number of enterprises, the overall technical level is relatively low, mostly in the downstream of the industrial chain. Therefore, the domestic PV industry should vigorously strengthen technological innovation, optimize the industrial structure, and improve the core competitiveness of the entire industry.
ST Boyuan announced the restructuring plan on September 29. The company plans to issue 145 million shares at a price of not less than 12.88 yuan per share, and purchase Jiangxi Ruijing Solar Energy held by Zhongrui Investment, Cai Changchun and Xinyu Rirun Solar Energy Application Co., Ltd. Technology Co., Ltd. (hereinafter referred to as Ruijing Technology) 100% equity, and at the same time to Zhongrui Investment to sell all the assets of the business as of September 30, 2011, the estimated assets to be sold is about 57.619 million yuan, the purchase of assets is estimated The value is about 1.87 billion yuan, which is 2.66 times higher than the book assets.
Ruijing Technology will use this to achieve a backdoor listing, ST Boyuan will become a crystalline silicon solar cell company.
It is worth noting that at present, the photovoltaic industry can be described as a lot of problems. Due to overcapacity, many SMEs are at risk of bankruptcy. In this context, investors are inevitably questioning, can ST Boyuan achieve a gorgeous turn?
Restructuring professional households want to change again
Photovoltaic cell manufacturer
ST Boyuan has successively referred to as Huayuan Pharmaceutical, *ST Source Medicine, Zhejiang Phoenix, S*ST Source Medicine, ST Source Medicine, *ST Hua Medicine, etc., and is known as a restructuring professional account in the capital market.
In August 2007, the original major shareholder Xingda Investment reorganized ST Boyuan again, but the business situation has not improved, but the debt burden has become heavier. Since 2009, the company's original environmentally-friendly circular economy industrial operating assets and modified asphalt industry have been judicially auctioned or divested, the company's main business has come to a standstill, so asset restructuring is imperative.
ST Boyuan injected the PV business assets owned by Ruijing Technology into the listed company to realize the overall landing of the capital market.
It is understood that Ruijing Technology was established in January 2008 with a registered capital of 350 million yuan, mainly engaged in research and development, production and sales of solar crystalline silicon cells and components.
As of the end of June 2011, Ruijing Technology has 17 polycrystalline silicon cell production lines with an annual production capacity of 425MW of polycrystalline silicon cells and 75MW of battery components, and invested in the construction of a 2.59MW Golden Sun Demonstration Project. From the perspective of battery production capacity, the size of this company can not be squeezed into the top ten. However, the company said that it plans to invest in the fourth battery plant and add 12 polysilicon cell production lines. By then, its cell design capacity is expected to reach 750MW.
Shen Hongwen, a researcher in the new energy industry of China Investment Consulting, told the "Securities Daily" reporter that due to factors such as credit shortages and industry downturns, PV companies are generally facing insufficient funds. After the listing of Ruijing Technology, it will help to increase its financing channels, which is of great benefit to its further expansion. These favorable factors have laid the foundation for ST Boyuan to improve its performance. Of course, the challenge is also objective. Mainly because the current PV industry is in a dilemma of falling prices, corporate profits are more difficult, and the full opening of the domestic market will take time. These factors add uncertainty to the future development of ST Boyuan.
Overcapacity in the photovoltaic market
SMEs are experiencing bankruptcy
In fact, at present, according to the China Nonferrous Metals Association Silicon Branch, the current inventory of battery sheets will be at least 10GW. The latest statistics from the authority solarbuzz show that the demand in the European market this year has decreased by 20% compared with the same period last year. If domestic manufacturers are shipped at the beginning of the year, it is expected to exceed the terminal market demand of 4.4GW. The agency expects component stocks to soar to 22 GW by the end of next year if production is not effectively controlled.
Xiaoxin, a researcher in the new energy industry of China Investment Consulting, told the "Securities Daily" that the development of the photovoltaic industry always revolves around the dispute between speed and quality. One of the major problems facing the development of China's PV industry is that it is too speedy and ignores the quality of development. Most companies focus on expanding the scale and production capacity of enterprises, ignoring the research on core technologies, often falling into big but not strong. situation. In addition, most domestic PV companies use price as a means of competition to expand the production scale and reduce the price of photovoltaic modules to open up the market, which has caused overcapacity in the PV market this year.
Taking Zhejiang as an example, there are currently about 205 PV companies, of which about 110 are established after September 2010, and the scale is below 100MW.
"The photovoltaic industry is developing rapidly and expanding blindly. A large number of enterprises have entered this industry, and their products are concentrated in the lower threshold of photovoltaic modules, resulting in overcapacity and limited industry development." Shen Hongwen said.
Earlier media reports said that in the past few months, more than 50 solar companies have fallen in the country, and one-third of enterprises are in a semi-discontinued state.
Some insiders pointed out that the serious overcapacity has led to the production of some small enterprises close to the break-even point, and the possibility of being merged or closed next year is increasing. In the next two or three years, there will be a round of industry reshuffle in the photovoltaic industry, and more than 30% of PV companies, especially small ones, will face the fate of being eliminated.
Photovoltaic industry is seriously polluted
Will face adjustment during the 12th Five-Year Plan period
Not long ago, Jingke Energy's pollution door incident caused great concern in the market, exposed the pollution status of the photovoltaic industry, and triggered many public concerns about the environmental problems of the photovoltaic industry.
“At present, there are pollutants in many aspects of the photovoltaic industry. At present, the current situation in China is that most PV companies are small in scale. In order to save costs, the most advanced production processes and equipment are not used, and the pollutants are not harmless. Processing, which led to a series of environmental problems," Xiao said.
He pointed out that to eliminate pollution problems in the photovoltaic industry, technology is not the key, and cost is the core of the problem. The treatment of pollutants requires enterprises to adopt advanced production processes, which will greatly increase the production costs of photovoltaic enterprises. For the fiercely competitive photovoltaic industry, most SMEs are not willing to bear such costs, which makes it difficult to eliminate pollution problems. â€
In addition, Chen Long, a researcher at Minsheng Securities, pointed out that the latest report on the “Twelfth Five-Year Plan for Solar Photovoltaic Industry Development†shows that by 2015, polysilicon production will achieve simultaneous improvement in industrial scale, product quality and environmental protection level, and the average integrated power consumption will be low. At 120kWh/kg, the comprehensive utilization rate of by-products will reach over 99%, and enterprises that fail in energy consumption will be shut down and eliminated.
Shen Hongwen also believes that although China's photovoltaic industry is large in scale and has a large number of enterprises, the overall technical level is relatively low, mostly in the downstream of the industrial chain. Therefore, the domestic PV industry should vigorously strengthen technological innovation, optimize the industrial structure, and improve the core competitiveness of the entire industry.
PTFE (Teflon) Fusing Machine Belt
Conveyor Belt Fabric,Belt Conveyor Price,Belt Conveyor
Tiangong PTFE & Plastic Material Development Co., Ltd. , http://www.sxptferod.com