Invest 57 billion yuan in photovoltaic industry in three years! Can "greenhouse flowers" withstand the test of the market?

On June 1, Gaojing Solar Energy Co., Ltd. submitted a prospectus (declaration) for its initial public offering and listing on the GEM.

This capital came off in person and was escorted by capital all the way. The photovoltaic enterprises, which had been in the market for less than three years, finally rushed to the gate of the stock market.

Gaojing's prospectus shows that the proposed public offering of shares does not exceed 1.

The fund raised will be used for Yibin 25 GW monocrystalline silicon rod and 5G W monocrystalline silicon wafer production and construction projects , R & D center construction projects and supplementary liquidity.

However, only a year after its creation, on December 8, 2020, But suddenly changed its name, not only changed its name to Gaojing Solar Energy , but also brought in Xu Zhiqun, the famous chief operating officer of Jinko Energy. On December 10,

2020, the "newborn calf" made a big splash at the Australia-Zhuhai Entrepreneurs Summit, announcing an investment of 17 billion yuan in silicon wafer projects in Zhuhai. It is planned to build 50GW photovoltaic large silicon wafer production capacity . At that time, 22 industrial projects were signed at the meeting, with a total amount of 823.

When 182mm and 210mm large-size silicon wafers were still "cold reception" because of their high cost, high manufacturing difficulty coefficient and relatively low qualified rate, Gaojing showed a rare stability of a entry-level enterprise. It is far-sighted to directly use large-size silicon wafers such as 210 MM as a new generation of products.

However, one month later, the first phase of Zhuhai 50GW photovoltaic large silicon wafer project started construction in Jinwan District of Zhuhai City. In January

2021, Qinghai Gaojing Solar Energy Technology Co., Ltd. was registered and established in Xining. In March, the 50GW Czochralski Silicon Rod Project landed in Xining, Qinghai, and the first phase of the project started construction on March 18. In June

2022, Gaojing expanded its production to produce 50GW Czochralski monocrystalline silicon rods and 30GW monocrystalline silicon rod slices annually in Yibin, Sichuan.

Long orders lock in 400000 tons of silicon materials for

less than three years and three super-large projects . It has laid a solid foundation for Gaojing Solar Energy in the

". As of press time, Gaojing's silicon material alone has been locked up to 40.

June, Gaojing also announced within one month that Zhuhai 50GW Silicon Wafer Project Phase I 15GW was completed and put into production." The first phase of Qinghai 50GW monocrystalline silicon rod project was successfully ignited.

On July 5, the 110KV Qinghai Huaishan Substation supporting Gaojing Solar Energy Project passed the acceptance test, reached the power-on operation conditions on the 8th, and was successfully put into operation on the 10th.

At that time, the average construction cycle of silicon wafer production capacity in the industry was about one year, and the construction cycle of power plants was about half a year. The Zhuhai project was signed and landed in

39 days, a power station in 79 days and a plant in 93 days. The speed of constant refreshing shocked both inside and outside the industry at that time, and also created a "high speed" beyond the reach of others.

In July 2021, Gaojing silicon wafers were put into production only in January, ushering in the first large order. Aixu announced that it would purchase 35 million large-size monocrystalline silicon wafers from Gaojing in June-July 2021, with an estimated amount of about 2.

Capital continued to support

the first year of its entry. Gaojing not only achieved the goal of "starting construction in the same year, putting into production in the same year and making profits in the same year", but also achieved the goal of 24.

Only after 2021, the one-year-old Gaojing won 1.6 billion yuan a round of financing in April 2022. On the investment list, Zhuhai Huafa Group, which created Gaojing, was also on the list.

Five months later, Takakage again won 25.

June 1, Gaojing Solar Energy Co., Ltd. submitted a prospectus (declaration) for its initial public offering and listing on the GEM.

Since then, the photovoltaic dark horse, which has created numerous miracles with a valuation of 20 billion yuan, has finally come to the last step and come to the front of the stock market.

, is composed of a senior technical team in the industry, Huafa Group, a leading state-owned enterprise in Zhuhai, Co-founded by IDG Capital, a well-known investment institution. On July 15,

2020, IDG Capital and Zhuhai Huafa Group Co., Ltd., which were defeated by TCL Technology in the Central Mixed Reform Project, decided to "create another Central" . Five months later, Zhuhai Huafa Entity Platform Operation Management Co., Ltd., a subsidiary of Huafa Group, changed its name to Gaojing Solar Energy, and Xu Zhiqun, Chief Operating Officer of Jingke Energy, joined the company. Huafa Group, which has

400 billion assets, is not poor in money, and Xu Zhiqun's team, which holds more than 50 invention patents, has technology.

So far, with capital and team support , in 2020, Zhuhai issued the "Opinions on the Implementation of Building Modern Industrial Clusters in Zhuhai to Promote the High-quality Development of Manufacturing Industry", among which new energy is one of the five hundred billion-grade industrial clusters.

Under the guidance of this policy, Zhuhai has formulated the thinking framework of "promoting investment by investment" and industrial investment. In 2020, as soon as the Gaojing 50GW silicon wafer project was released, it became the focus of the Zhuhai government. In the process of escorting, the Gaojing 50GW silicon wafer project pressed the "fast forward key" and ran out of the rocket speed. The signing, landing, start-up and production of the project could not be separated from the help of the Zhuhai government's policies. Sun Bin, deputy general manager

of Gaojing Solar Energy, once described the support of the government of Jinwan District in Zhuhai as "nanny service", "land use, electricity use, water use, talent apartments and so on, which solved many real difficulties for enterprises, so that we can start our own business lightly". Gaojing, who enjoyed the "nanny service"

in Zhuhai, was "escorted" by the local government in the future Qinghai project and Yibin project in Sichuan, and the project was accelerated and accelerated all the way. With the careful care of

capital + team + policy, Gaojing has gained a lot in the past two years.

From 2020 to 2022, the total assets of Gaojing achieved a leap from 254 million yuan to 16.28 billion yuan, and its revenue from 89100 yuan to 2.49 billion yuan to 175.

Within three years, the company made profits in the second year. In 2021 and 2022, the profit attributable to the parent company reached 108 million and 18 respectively.

Up to the time of publication, Gaojing has built 55GW monocrystalline silicon rod and 75GW monocrystalline silicon wafer production capacity. Among them, the company's Zhuhai Phase III 20GW silicon wafer production capacity, Yibin Phase I 25GW monocrystalline silicon rod and 25GW monocrystalline silicon wafer project production capacity is climbing.

The prospectus shows that in the future, Gaojing will gradually expand the production capacity of large-size monocrystalline silicon rods and wafers based on the three bases of Zhuhai, Xining and Yibin, and strive to achieve the production capacity layout of large-size monocrystalline silicon rods above 100g W. With

rapid growth and high valuation, compared with other photovoltaic enterprises, Gaojing has a smooth journey . Its pioneering capital + team entrepreneurship model has been copied crazily by Qinghai Lihao, Huasheng Solar Energy and other enterprises, but at the same time, it has also caused a lot of controversy. As both investors and entrepreneurs, can we treat it rationally in the process of enterprise growth? Will it lead to capital ripening and listing at all costs? Where

can Gaojingneng go after listing?