Foreign-owned REC Silicon PTELtd (hereinafter referred to as REC) left the market, and the equity ownership of Shaanxi Nonferrous Tianhong Ruike Silicon Materials Co., Ltd. (hereinafter referred to as Tianhong Ruike) was settled.
In November, the shareholders of Tianhong Ruike were changed, and the previous REC was changed to Shaanxi Yulin Energy Group Huisen Investment Management *** hereinafter referred to as Huisen Investment), with a shareholding ratio of 1506%, the latter belongs to Yulin Energy Group, and the actual controller behind it is Yulin State-owned Assets Supervision and Administration Commission.
According to the previous listing, Yulin Energy paid 102.5 billion yuan.
Tianhong Ruike was established in July 2014 by Shaanxi Nonferrous Metals and REC Silicon, a subsidiary of the world's leading silicon material manufacturing company, and REC is a subsidiary of REC Silicon, a subsidiary of Nonferrous Metals Tianhong and REC respectively, holding 849% and 150602%。
Looking back at the relevant reports at the beginning of its establishment, the core content of this equity arrangement is to introduce advanced technology and experience to help Shaanxi's silicon industry and make Shaanxi's solar photovoltaic industry move towards a world-class level. Now, Tianhong Ruike has completed this "mission".
Picture: Tianhong Ruike Company.
Relying on the accumulation of more than 40 years of experience in the field of silicon materials, the company took the lead in building a number of silicon material production lines in China, becoming one of the very few enterprises in China that have the ability to mass-produce electronic-grade ultra-pure polysilicon, and the quality of granular polysilicon "star product" has reached the international leading level, filling the domestic gap. At the same time, it has also become the second batch of "chain masters" of the photovoltaic industry chain announced by Shaanxi, and its downstream customers include leading enterprises such as LONGi Green Energy (601012) and Samsung.
The leading technology is directly reflected in the revenue of Tianhong Ruike, after passing the investment period, the company will turn losses into profits in 2021, with a revenue of 179.5 billion yuan, net profit 7174450,000 yuan;Revenue in 2022 is 355.6 billion yuan doubled.
The turning point occurred in September this year, when foreign shareholders REC posted an announcement on the equity transfer of shares on the western property rights trading network, which was to be made in October2.5 billion** shares. Until November, the company's equity changed, and Huisen Investment succeeded it as the second largest shareholder.
What is the origin of the successor?
As the capital operation platform of Yuneng Group, the shareholders of Huisen Investment are 40% owned by Yuneng Group, one of the three major energy groups in the provinceYulin Finance, which represents the finance, holds 30% of the shares;Shenmu holds the remaining 30%. In addition to taking over the shares of Tianhong Ruike, Huisen Investment is also the third largest shareholder of Shaanxi Energy (001286), which was listed this year, with a shareholding ratio of 8% consistent with Chang'an Huitong.
Photo: Yuneng Group.
The above moves may be regarded as one of the many explorations made by Yuneng Group for transformation and development in recent years. At present, the group is positioned to build an "innovative, open and service-oriented first-class energy enterprise group based on coal, resource development and capital operation two-wheel drive diversified development".
Therefore, in addition to the traditional energy business, Yuneng Group also actively lays out three major sectors: fine chemicals, emerging industries, finance and environmental protection.
As the second largest shareholder (holding 25% of the shares), the company has been working on the research and development of water electrolysis hydrogen production equipment since 1999, and is also the "chain master" of the hydrogen energy industry chain in Shaanxi Province.
As of June this year, the total assets of Yuneng Group reached 9877.5 billion yuan, with an operating income of 57 billion yuan in the first half of the year, a year-on-year increase of 1948%, achieving a total profit of 549.9 billion yuan, with a total of 10,000 employees.
Back to Tianhong Ruike, at the same time as the withdrawal of foreign capital, the company launched a financing plan, and planned to introduce 5 billion yuan of war investment for the construction of 80,000 tons of electronic grade granular polysilicon industry upgrading project, the completion of the project will further improve the company's product quality and operation economy.
According to the relevant ** disclosure, the war investor seems to have landed. Led by CITIC Goldstone Capital, LONGi (601012), Jinko Power (601778), JA Solar (002459), TCL Zhonghuan (002129), Youyan Silicon (688432), Tongwei Group, Beijing Black Land** and other institutions completed their investment in Tianhong Ruike.
Judging from the investment list, it is basically dominated by industrial capital, and most of them are listed companies, of course, the above news still needs to be further confirmed by the official.
Figure: The project site of Tianhong Ruike Company.
Before we do that, let's go deep into the project itself.
Tianhong Ruike's 80,000-ton electronic-grade granular polysilicon industry upgrading project, with a total investment of 9.6 billion yuan, covers an area of 1,101 acres, and the construction site is located in Yujia Industrial New Zone, Yulin City. The latest known development is that the project was approved by the Shaanxi Provincial Department of Ecology and Environment in September this year.
According to the report submitted by the project to the provincial government, the annual electricity consumption after the completion of the project is 18600 million kWh, 2 million natural gas9.1 billion cubic meters, the annual comprehensive energy consumption is equivalent to 8930,000 tons of standard coal. This can also explain the reason why the project chose to land in Yulin, an "energy town".
Specific to the construction of the project, the production capacity of 80,000 tons is divided into two parts: one is to use the existing project to reserve vacant land for renovation and add 250,000 tons of granular polysilicon production capacity;The second is to build 5 on the west side of the existing project50,000 tons of granular polysilicon production capacity;In addition, for the harmful gases generated in the production of silicon materials, a hydrogen plant will be built to reuse the hydrogen and chlorosilane in the exhaust gas of the existing device.
Figure: Granular polysilicon.
Here it is necessary to focus on understanding granular polysilicon, which is the core competitive advantage of Tianhong Ruike.
At the academic level, the definition of granular polysilicon is a granular polysilicon material with an average particle size of about 1mm, which is characterized by the fact that it can be directly used for polycrystalline ingot and monocrystalline drawing without crushing.
Thanks to the introduction of advanced technology, Tianhong Ruike's granular polysilicon has many advantages compared with similar products on the market. In terms of cost, the comprehensive power consumption is only one-third;The quality can reach the same level as bulk silicon, and the process flow is short;In terms of application, the product has good fluidity and strong filling, which can form a good application complement with the existing bulk silicon.
At present, there are only two companies in China with the ability to produce granular silicon, in addition to Tianhong Ruike, the other is the "granular silicon" giant GCL Technology (03800), which has a total market value of 2882.5 billion, with a revenue of 35.9 billion yuan and a net profit of 160 million yuan in 2022300 million yuan. It is worth noting that the company's polysilicon revenue has continued to grow in recent years: 2.2 billion yuan in 2020;6 billion yuan in 2021;In 2022, it will double again to 17.7 billion, which shows that the market prospect of this product is broad.
Behind the new "entry" of Huisen Investment shareholders, according to the proportion of shareholdings, they are Yulin State-owned Assets Supervision and Administration Commission, Yulin Municipal Finance Bureau and Shenmu County**, which together represent the will of Yulin City.
So what is Yulin's intention to "take over" from foreign capital?
Financial Lollipop believes that in the process of Yulin's pursuit of accelerating the pace of transformation and upgrading of the energy industry structure and realizing the high-quality development of the energy economy, this move is to implement the requirements of "stable control and transformation", and further speaking, it is a true response to the word "transformation".
Specifically, on the one hand, it is to unswervingly promote the high-end, diversified and low-carbon development of the coal chemical industry, and continuously improve the level of clean and efficient utilization of coal and the efficiency of comprehensive utilizationOn the other hand, it is good at investing the "capital" earned from traditional energy in the cultivation and development of new energy and non-energy industries through market-oriented and professional means, so as to build a national clean energy base.
Figure: Yanchang Petroleum Yushen 500,000 tons per year coal-based ethanol project.
In addition to this, Yulin has other gains.
On the industrial synergy side, the new "entry" Tianhong Ruike is a "wonderful chess" for Yulin to develop the city's key industrial chain. Because in July this year, the "Yulin Key Industrial Chain "Chain Length System" Work Optimization and Adjustment Plan was released, which clearly mentioned in the section of the new energy equipment manufacturing industry chain that the construction of key projects such as the second phase of Shaanxi Nonferrous Tianhong Ruike should be accelerated. It can be expected that Yulin's direct entry will be conducive to speeding up the pace of key projects.
On the capital market side, Tianhong Ruike mentioned in this equity transfer that "the investor should confirm that it does not have any obstacles to the company's listing", which is the same as one of the previous investment conditions, the future impact of the capital market intention is self-evident, and located in Jia County, Tianhong Ruike is a "province, city and county" ** listed reserve enterprise, the "foreign capital" exit from Yulin smoothly "entered", with the smooth introduction of follow-up investment, it is expected that Yulin will "early" harvest a listed company. "Achieving the listing of more than 3 technology companies by 2025" is one of Yulin's goals for itself.
Figure: The signing site of the Yulin project of the Silk Expo.
If you look at this action in a larger scenario, it is necessary to combine the construction of a world-class high-end energy and chemical base mentioned in the 14th Five-Year Plan of Yulin City to establish a modern industrial system with Yulin characteristics, whether it is to build a trillion-level energy and chemical industrial cluster, or to cultivate and expand emerging industries or upgrade traditional industries, Yulin's "entry" technology has reached the international leading level, and Tianhong Ruike, the "chain master" who has filled the domestic gap, is a clear footnote.
In the view of financial lollipop, as the "second city" of Shaanxi's economy, Yulin, an important energy town, has explored the industrial upgrading of Yulin, which is precisely in this pen of "taking over", "increasing capital" and "launching" of new energy enterprises or emerging projects, and has quietly jumped out of an increasingly clear transformation path.