industry leader, may mean that in the heart of capital, photovoltaic is changing from "Little Sweetie" to "Mrs. Niu". On the evening of September
26, Tongwei announced the termination of the issuance of shares to specific targets in 2023. According to the previous announcement, Tongwei plans to raise 16 billion yuan to invest in 200000 tons of high-purity silicon project and Yunnan Tongwei Hydropower Silicon Material High-purity Silicon Green Energy Phase II project.
Now the sudden termination of the fixed increase is attributed by Tongwei to the change of the current capital market environment and the obvious underestimation of the company's value. "After the termination of the fixed increase, the company will make rational use of its own funds, loans from financial institutions and other financing methods to co-ordinate fund arrangements to ensure the smooth implementation of projects in Inner Mongolia and Yunnan." Tongwei said in the announcement.
In fact, in the two months before Tongwei terminated the fixed increase, Ganjing Garden and Yijing Optoelectronics withdrew their fixed increase plans of 469 million and 1.3 billion respectively, and market changes were mentioned in the reasons for the termination. Is it reasonable to
"borrow money" as an industry trend? Before
that, the refinancing of listed companies used to be "the leading well-known enterprises in the market are often" one ticket is hard to get ", and the share of fixed increase depends on grabbing, but some small and medium-sized enterprises are in a more difficult situation, so they can only give up if they can't send it out." Previously, Dong Mi of a listed company told the media so. But now, the leading enterprises of "one ticket is hard to get" have been reduced to "no one is interested" and forced to terminate the fixed increase, which reflects the dilemma behind the photovoltaic industry since this year.
According to incomplete statistics, since mid-August last year, the stock price of photovoltaic enterprises has generally declined, and the secondary market has been cold. Wind data show that the overall market value of 84 listed companies in the photovoltaic sector in China has fallen by nearly 750 billion yuan since the beginning of the year, and even some of them have been cut in half. However, in sharp contrast to the cold secondary market, China's photovoltaic industry is thriving, the domestic new installed capacity has been greatly improved, and the performance of related enterprises has risen.
Market prosperity has given birth to the mood of enterprises to expand production, while the capital-intensive and technology-intensive photovoltaic manufacturing industry has been forced to seek faster capital market access, thus forming the phenomenon of high frequency, large-scale financing, A-dismantling A in the photovoltaic industry, etc. Expanding production, the main consideration of financing is no longer the development of enterprises themselves, but not financing. If you don't expand production, you will be beaten.
"During the reporting period, the monetary funds and transactional financial funds of enterprises in the same industry maintained a relatively high level, and refinancing was carried out in the same period." This sentence in TCL Central's reply to the second round of audit inquiry letter in September this year directly points out the current trend of industry cluster financing.
What is even more incredible is that as of July 30, according to the data of Financial Associated Press Venture Capital, there were 58 investment and financing incidents in the primary market of photovoltaic field, which reached 90% of last year's total. In addition to financing, 17 companies are queuing up for IPO, with a total financing of nearly 65 billion yuan.
Financing has become a trend in the industry, and irrationality itself has naturally become a part of rationality.
Stock prices have fallen again and again, regulation has been tightened, and where are enterprises going?
If you have money or not, you can find money for financing. In the early stage of the rise of the photovoltaic industry, as long as it is put into production, it can make money. Correspondingly, the stock price in the secondary market also rises with the performance of enterprises. However, as the current round of expansion of the industry continues, overcapacity begins to linger over the industry. Although many industry authorities have repeatedly stressed that photovoltaic capacity is not excessive, it still can not dispel investors'worries, and even with the rising performance of enterprises, stock prices have fallen again and again. At the end of
August, when most companies disclosed that their performance had risen sharply in the first half of the year, the photovoltaic market seemed to be abandoned by capital again, with Longji shares, Jingao Technologies, Trina Solar Energy and Jingke Energy all falling sharply. Even on August 25, 405 photovoltaic concept stocks fell, nearly eight times the number of rises.
In order to save the falling stock price, at the end of August, photovoltaic companies led by Jingke Technologies and Dongfang Risheng announced that they would buy back their shares and that the actual controllers would not reduce their holdings in order to enhance market confidence and protect the stock price.
Up to now, more than 10 enterprises have announced the repurchase plan, the repurchase amount of Sunshine Power is as high as 1 billion, Jingke Energy 600 million, Daquan Energy 400 million.. There are not a few enterprises whose repurchase amount exceeds 100 million yuan.
On September 26, Sunshine Power, Jingke Technology and Daqo Energy announced the progress of the first share repurchase, with the first transaction amounts of the three leading companies reaching 49.912 million yuan, 30.076 million yuan and 14.3721 million yuan respectively. In terms of
regulation, in early September, the China Securities Regulatory Commission made six regulatory arrangements for IPO and refinancing, sending a clear signal to tighten refinancing. This is considered to be a powerful measure to cool down the photovoltaic market and bring the industry back to a rational range. As soon as this policy came out, many companies announced the termination of the fixed increase or the withdrawal of the IPO listing plan. At present, Jucheng Technology and Tuobang Xinneng have voluntarily withdrawn their IPO applications, while Tongwei has withdrawn its 16 billion refinancing plan.
"The new refinancing regulations can not only promote the dynamic balance between the two ends of investment and financing, but also help to curb the chaos of refinancing." Wang Yaoji, deputy director of the Securities Research Institute of Fudan University, told the media that enterprises need to take a rational view of refinancing. Many industries have the problem of overcapacity, if we continue to expand through leverage, the investment of refinancing funds will be difficult to achieve the desired return.
In the primary market tightening, the secondary market is not popular at the moment, photovoltaic enterprises may also calm down to reflect on the previous 10 billion investment, enterprise development needs financing, but pay more attention to "internal work".
浙公网安备33010802003254号