In Tianhe Wisdom , which is a distributed " under Trina Solar Energy, at a time when the industry is questioned about overcapacity. Why should the leading enterprises in the photovoltaic industry promote the spin-off and listing of subsidiaries? However, in recent years, the relevant system of A-share has been constantly improved, the development of multi-level capital market is becoming more and more mature, and the state has begun to introduce policies to encourage spin-off listing, and the spin-off listing of A-share continues to heat up. In December
2019, China Securities Regulatory Commission ( "CSRC") issued the "Several Provisions on the Pilot Domestic Listing of Subsidiaries of Listed Companies" to support qualified enterprises to split and list in China; in January 2022, CSRC issued the "Rules on the Spin-off of Listed Companies (Trial)" to integrate the domestic and foreign rules on the spin-off and listing, and to unify and improve the domestic and foreign regulatory requirements.
According to Choice data of Oriental Wealth, according to the first announcement date, 40 and 52 A-share listed companies started splitting in 2022 and 2023 (as of December 11) respectively, of which 13 companies have been listed. On August 27,
2023, in order to promote the dynamic balance at both ends of investment and financing, the SFC said it would tighten the pace of IPO in stages. This is an important measure for supervision to maintain the stable operation of the market and improve the counter-cyclical adjustment of the primary and secondary markets. Facts show that the IPO channel is still open for high-quality enterprises with mature business model, stable business performance, large scale and industry representation, which are in line with the national strategic direction and have broad industry prospects.
On September 6, Zheng Tai'an's IPO application was formally accepted by the Shanghai Stock Exchange, becoming the first company accepted by the Shanghai Stock Exchange since the "827" IPO New Deal, and one of the 11 companies accepted by the Shanghai and Shenzhen Stock Exchanges so far; In addition, Tianhe Fujia registered with Jiangsu Securities Regulatory Bureau on June 25, and is expected to be formally accepted by the main board of the Shanghai Stock Exchange in the near future. The smooth progress of the IPO of
industry companies, to a certain extent, shows the regulatory recognition of the photovoltaic industry and high-quality enterprises.
Three companies collectively sprint IPO! The three leading companies in the photovoltaic industry chose to promote the spin-off and listing at this time, which was obviously recognized by the government regulators. The three spin-off companies are highly similar in terms of shareholder background, focus area and performance growth, which is due to the clear-cut support and support of the capital market for enterprises that serve photovoltaic terminals and promote the prosperity of the application side.
From the background of controlling shareholders, the controlling shareholders of Zhengtai Anneng, Tianhe Fujia and Sunshine New Energy are all giants in the photovoltaic industry, and they have gained multiple empowerment from controlling shareholders in their development. In addition, unlike the controlling shareholders, the three companies to be split have their own emphasis in the field of subdivision, but they all focus on the downstream of the industrial chain, especially in the field of distributed photovoltaic. In addition to highlighting the parent company's main business and enhancing its independence, the spin-off listing will also broaden the financing channels of subsidiaries and enhance their development potential.
From the point of view of focusing on sub-areas, the controlling shareholders of Zhengtai Anneng and Tianhe Fujia are TOP 10 enterprises of global photovoltaic module shipments, while the subsidiaries themselves focus on the household photovoltaic field in distributed photovoltaic, the former forms excellent design and development capabilities of household photovoltaic power plants, and has efficient power plant monitoring and operation. The market share has remained the first in the industry for many years, while the latter first introduced the concept of original photovoltaic system in the industry, established a complete system integrating product research and development, marketing, installation and after-sales, intelligent operation and maintenance, and led the industry in the shipment of household photovoltaic systems. The same is true of
Sunshine New Energy, whose controlling shareholder is a global battery energy storage system integrator giant, while its subsidiaries are mainly engaged in system research and development, project development and system solution sales of new energy power plants.
In addition, the scale of the three spin-off companies has continued to expand in recent years, with revenue exceeding 10 billion levels and high performance growth, all of which are in the best time for spin-off.
It is understood that in 2022, the revenue of Sunshine New Energy reached 12.877 billion yuan, with a net profit of 641 million yuan. From January to September 2023, the revenue of Sunshine New Energy reached 13.802 billion yuan, with a net profit of 7.
Net profit of 1.753 billion yuan, 2023H1, revenue of 13.705 billion yuan, net profit of 1.202 billion yuan; Tianhe Fujia, which belongs to the household photovoltaic field, has a revenue of 12.988 billion yuan in 2022, a net profit of 719 million yuan, and a profit growth of about 17 in the three years from 2020 to 2022.
Clean and low-carbon energy industry has become a consensus, and new energy, especially photovoltaic power generation, has broad development space and huge deterministic demand.
According to the 2023 World Energy Transition Outlook report issued by the International Renewable Energy Agency (IRENA), To achieve 1.
From 2021 to 2022, the Chinese government has also issued supporting policies such as the Action Plan for Carbon Peak by 2030 and the Photovoltaic Industry Development Plan (2021-2035) to promote the development of the photovoltaic industry. Promoted by the policy, the whole photovoltaic industry has a strong momentum of development, and distributed photovoltaic has gradually become the main force of new photovoltaic installations in China.
According to the data of the State Energy Administration, in the first three quarters of 2023, the new installed capacity of photovoltaic in China was 12894 million kilowatts, an increase of 145% over the same period last year, including 61.8 million kilowatts of centralized photovoltaic and 67.14 million kilowatts of distributed photovoltaic.
According to the data of the National Energy Administration, in the first three quarters of 2023, 32.98 million kilowatts of household photovoltaic installed capacity were added, and by the end of September 2023, the cumulative installed capacity of household distributed photovoltaic in China had exceeded 100 million kilowatts. 1.
At present, the IPO of Zheng Taianeng has been inquired, and Tianhe Fujia will formally submit information to the Stock Exchange. Subsequently, as the listing process of the above-mentioned enterprises continues to advance, more information will be disclosed, which will provide more data support for our research on the distributed photovoltaic industry. We will continue to pay attention to this.
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