On April 17, Zhonglai announced that the company and its holding company, Taizhou Zhonglai. Signed the Photovoltaic Cell Project Cooperation Agreement with Zhejiang Baida Seiko Co., Ltd. and its holding subsidiary Jiangxi Baida. The parties intend to carry out long-term and stable cooperation on cooperative research and development, production and sales of TOPCon cells .
According to the agreement, Baida Seiko intends to take Jiangxi Baida as the main body of implementation and invest in the construction of "13.5G W solar cell project per year" . The company intends to cooperate with Baida Seiko to promote the battery project by participating in Jiangxi Baida and providing technical support services to Jiangxi Baida.
According to the introduction, the "13.5G W solar cell project per year" is divided into two phases of investment and construction. The first phase of the project is the "annual output of 4.5G W solar cells project". After the first phase of the project is put into operation, the second phase of the "solar cell project with an annual output of 9 GW" will be launched in due course.
Zhonglai shares said that the cooperation intends to "share and export advanced battery technology as a path to build an industrial platform for N-type TOPCon technology, and through cooperation, joint ventures and capacity sharing, to achieve production and marketing synergy and market share enhancement among the partners." On February 15, when the fourth change of
control rights finally fell to Zhejiang Electric Power Leader
, Zhonglai shares issued the Announcement on the Completion of the Transfer of Shares by Agreement between Controlling Shareholders and Actual Controllers and the Change of Control Rights of the Company. The transfer of shares by agreement between the company and Zheneng Electric Power has been registered, and the control of the company has changed.
At the same time, the board of directors and the board of supervisors of the company decided to elect ahead of schedule and formally reorganize the members of the board of directors and the board of supervisors. Zheneng Electric Power began to officially take over the shares of Zhonglai.
So far, Zhonglai shares have experienced four changes of ownership. In June
2020, Zhonglai planned to transfer 18.87% of the company's shares held by Lin Jianwei and Zhang Yuzheng, the company's actual controllers, and the company's control rights to Wujiang Nengtou, a subsidiary of Guizhou SASAC, but the final transfer failed to reach an agreement and eventually failed. On August 9,
2020, Lin Jianwei and Zhang Yuzheng signed a framework agreement on the transfer of control rights with Hangzhou Boiler Co., Ltd. to transfer 9.58% of the shares and unconditionally entrust the voting rights of 19.09% of the shares to Hangzhou Boiler Co., Ltd. In October
2020, Lin Jianwei and Zhang Yuzheng again entered into a new material equity investment partnership with Taizhou Jiangyan Road, and terminated the control transfer agreement with Hangzhou Boiler Co., Ltd.
Subsequently, Lin Jianwei and his wife and their concerted actors transferred 5.70% and 5.25% of Zhonglai shares to Jiangyan State-owned Assets twice. On March 4,
2021, Zhonglai announced that it had signed an agreement with Taizhou Jiangyan Road to terminate the voting rights entrustment. On the evening of November 8,
2022, Zhonglai shares issued another announcement to start the fourth transfer of corporate control rights. Since then, the transferee of the transfer is Zheneng Electric Power.
Finally, the resale of the company's control rights was finally settled on February 15, 2023.
As the largest power generation enterprise in Zhejiang Province, Zhengneng Electric Power is vigorously promoting the green transformation of traditional energy and fostering new profit growth points in recent years. The ownership of Zhengneng Electric Power may allow Zhonglai shares to focus on the main photovoltaic industry and achieve faster development with the help of the resource advantages of Zhengneng Electric Power.
Many businesses are progressing slowly, and new owners bring new development? According to
the data, Zhonglai was founded in 2008, headquartered in Changshu, Jiangsu Province, and successfully listed on the Shenzhen Stock Exchange in 2014. It is an early listed company with photovoltaic backplane as its main business.
In 2015, Zhonglai extended and expanded the industrial chain, actively and steadily expanded the core business areas of photovoltaic, and transformed and upgraded from a single back film business to the coordinated development of the three business sectors of "photovoltaic auxiliary materials", "high-efficiency batteries" and "photovoltaic application systems", which was determined to achieve the company's medium and long-term goals.
Compared with planning to change ownership four times in three years and actively peddling the company's control rights to win the "headlines" of the industry, the profitability of Zhonglai shares in the main business is not too outstanding.
Since 2020, the company's performance has been declining sharply, even losing 310 million yuan in 2021 , and finally turning losses into profits in 2022 .
Perhaps most of the thoughts are on peddling the control of the company. After 2020, Zhonglai shares had a number of investment plans to expand production, but they were aborted for various reasons. On June 15,
2022, Zhonglai announced that, in view of the repeated outbreak of COVID-19 in Indonesia in the second half of 2021 and the slow progress of the whole investment project, it would terminate the project of setting up 1GW battery and 1GW battery module manufacturing plant in Indonesia, as well as the 500 MW module project in advance. The announcement said that the project has been implemented since March 2021, but more than a year later, the above projects "have not started construction" . On the evening of March 23,
2022, Zhonglai issued a fixed increase plan to raise 2.5 billion yuan, of which 1.75 billion yuan will be used for the 16GW high-efficiency monocrystalline battery intelligent factory project (Phase I), and the remaining funds will be used to supplement liquidity. After the
announcement was issued, investors questioned it and finally announced the termination of the fixed increase plan for the project on April 22.
In addition, the company also tackled IBC batteries, but ultimately the IBC production line did not land as scheduled. Behind
the abortive investment plans may be the turbulence that companies continue to seek buyers.
Now, the new owner Zheneng Electric Power has been stationed, and the new investment plan has been thrown out. According to the announcement, the cooperation agreement also plans to "build an industrial platform for N-type TOPCon technology by sharing and exporting advanced battery technology, and achieve production and marketing synergy and market share enhancement among partners through cooperation, joint venture and capacity sharing." Can
new controllers, new investment plans and new cooperation modes bring about new development of Zhonglai shares? We'll see.
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