A number of IPO failures have been made by photovoltaic companies, and the photovoltaic track has entered a cooling-off period
Text: Ne-Salon New Energy Gathering Group
Since 2023, although the number of downstream photovoltaic installations has soared, the industry still has the dilemma of overcapacity. A senior investment bank head said frankly: "Affected by industry fluctuations, the regulator's attitude towards the IPO of photovoltaic companies is more cautious, and the track has entered a cooling-off period. ”
01. Loss 14.7 billion yuan, the IPO of a photovoltaic enterprise under a central enterprise came back
On December 13, the Shenzhen Stock Exchange issued an announcement: Rainbow Group New Energy Co., Ltd. (hereinafter referred to as Rainbow New Energy) withdrew its application for issuance and listing, so the Shenzhen Stock Exchange terminated the review of the IPO of Rainbow New Energy. According to public information, Rainbow New Energy's A-share IPO application was accepted as early as the end of 2021 and passed the review of the Listing Committee in August 2022, but there has been no follow-up news since then, until December 13, when Rainbow New Energy withdrew its materials and the IPO was terminated.
According to the company's official website, Rainbow New Energy was established in September 2004, and in December of the same year, Rainbow New Energy, which had just been established for 3 months, landed on the main board of the Hong Kong Stock Exchange. At present, Rainbow New Energy is mainly engaged in the R&D, production and sales of photovoltaic glass, with a market share of 7% in 2022, ranking third in the country. In addition to photovoltaic glass, the company has also been engaged in photovoltaic modules, new materials (lithium battery cathode materials, electronic silver paste, photoresist) and other businesses.
From the perspective of equity structure, Rainbow Group directly and indirectly holds 3443% of the shares, as the controlling shareholder of the company, China Electronics Information Industry Group *** through Rainbow Group, Ruibo Electronics, CLP Rainbow and CLP Financial Investment holding a total of 7491% of the equity is the actual controller of the company.
According to people familiar with the matter, the termination of the IPO of Rainbow New Energy was caused by the decline in performance fluctuations.
According to a set of data obtained by Ne-Salon New Energy, the annual revenue of Rainbow New Energy in 2022 will be 24700 million yuan, but the non-net profit was only 8311050,000 yuan, down 4784%。After entering 2023, the recession of the photovoltaic industry has caused the ** of photovoltaic glass to continue to decline, from January to August 2023, 2 mm, 3The average 2 mm photovoltaic rolled glass is 184 yuan square meter, 256 yuan square meters, down from the same period last year. However, the cost of raw materials and fuel remains high, which makes the company's gross profit fall again and again, and the company's profit is greatly reduced. Therefore, in the first half of 2023, the company not only failed to reverse the decline in 2022, but suffered a huge loss - a net loss of net profit attributable to the parent company of 147.5 billion yuan.
02. The IPO of a number of photovoltaic companies failed, and the photovoltaic track entered a cooling-off period
In fact, before Rainbow New Energy, a number of companies involved in the photovoltaic industry have announced their failure to go public.
At the end of June 2023, Zhangjiakou Yuanshi New Materials Co., Ltd., which is mainly engaged in diamond wire, was forced to terminate its IPO, and some data showed that the company's net profit decreased by 9 percent year-on-year8 %；During the same period, Huayao Optoelectronics Technology Co., Ltd., another company mainly engaged in silicon wafers and silicon rods, also withdrew its application for IPO.
At the beginning of September 2023, Jiangsu Jucheng Diamond Technology Co., Ltd., whose main product is used in the cutting of crystalline silicon in the photovoltaic industry, and Shaoxing Topband New Energy Co., Ltd., which specializes in the research and development, production and sales of wet additives for photovoltaics, both withdrew their IPO applications.
At the end of September 2023, four months after submitting the IPO application on the GEM of the Shenzhen Stock Exchange, Gaojing Solar Co., Ltd., a photovoltaic silicon wafer company born with a "golden spoon", also chose to withdraw its listing application. According to people familiar with the matter, Gaojing Solar withdrew its IPO application because it "could not go through the PV industry cycle".
A senior investment banker concluded: "The reason why these companies involved in the photovoltaic industry terminated their IPOs was because of the unstable performance caused by the recession in the industry. ”
03. Conclusion
Today, the PV industry has been riddled with negatives. **Overcapacity, industry reshuffle, and involution intensify ......Under various unfavorable factors, the first fell sharply and the financing environment tightened.
However, as a key force in the future new energy industry, we firmly believe that the demand side is bound to continue to grow, and photovoltaic still has good profitability and growth, which is beyond the reach of many other industries, including lithium battery, energy storage and other industries. Therefore, as PV people, there is no reason why we should not be optimistic. **NE-SALON