TCL Central "Selling": Really Short of Money, Fake Selling at a Low Price!

On September 28, TCL Zhonghuan announced in the evening that the proposed price was 696.6 million yuan (6.

It is understood that Xinjiang Goens, formerly known as Xinjiang Xiexin New Energy Material Technology Co., Ltd. , is a joint venture company of TCL Zhonghuan. In 2019, TCL Zhonghuan of Tianjin Zhonghuan Semiconductor Co., Ltd. invested 4. However, as of the time of publication, the actual control of Xinjiang Goens is still in the hands of GCL Technology, and Jiangsu Zhongneng Silicon Technology Development Co., Ltd. (Hereinafter referred to as Zhongneng Silicon), a wholly-owned subsidiary of GCL Technology, holds 38.5% of the equity. At the same time, Xuzhou Zhongping Xiexin Industrial Upgrading Equity Investment Fund (Limited Partnership) is the second largest shareholder of Xiexin Science and Technology Joint Venture Company. Holding 34.

In 2019, the company's polysilicon production capacity increased from

2020 to 2022, and Xinjiang Goens achieved revenue of 2.179 billion, 8.893 billion and 13.524 billion; Net profits during the period were 11.434 million, 4.496 billion, 83.

year." Xinjiang Goens achieved a total revenue of 4.079 billion yuan and a net profit of 20. In the first half of this year alone, the company brought 5 to TCL Central. If calculated from 2020, in the past three and a half years, Xinjiang Goens has contributed nearly 34 to TCL Central.

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In the announcement of capital increase and share expansion, TCL Zhonghuan introduced two strategic investors to the semiconductor business, with a total capital increase of about 900 million yuan. The arrival of the third round of inquiry letter from Shenzhen Stock Exchange means that the company's previous 13.8 billion financing plan is facing another delay.

This explains why TCL Zhonghuan is in a hurry to sell Xinjiang Goens-short of money.

From 2020 to the first half of this year, the net cash flow of TCL Central Investment was negative all the year round, and in the first half of 2022 and 2023, the amount of this index was-16.3 billion yuan and-5.488 billion yuan. In the same period, the net operating cash flow was only 5.1 billion yuan and 28.

The consequences of debt expansion are obvious. TCL Central has become the company with the heaviest interest-bearing liabilities in photovoltaic stocks, from 2020 to the first half of 2023. The company's asset-liability ratio (consolidated caliber) was 52.18%, 46.56%, 56.88% and 52, respectively. With the tightening of refinancing, TCL Central, which has no money, is becoming more and more cash-strapped.

Xinjiang Goens was an important silicon material subsidiary of GCL Technology in the early days." After the production capacity of 60000 tons of polysilicon materials was put into operation in 2019, it occupied an important page of the company's annual reports in 2019 and 2020.

However, as Xiexin Technology shifted its focus to granular silicon, Xinjiang Goens has gradually become marginalized . The original production capacity of 60,000 tons was only the first phase of the company's project. With the shift of Xiexin Technology's target, there is no news of its follow-up silicon material projects. Since then, in order to coordinate with the strategic transformation of Xiexin Science and Technology, the focus of Xinjiang Goens has also begun to shift to upstream industrial silicon.

On September 28, with the full operation of eight industrial silicon electric furnaces, the first phase of the 200,000-ton industrial silicon project of Gorns Silicon Industry (formerly the 200,000-ton industrial silicon project of Xiexin Zhundong in Xinjiang) was officially declared to be in production. TCL Zhonghuan's sale of Xinjiang Goens is also expected because of the opposite

development goals and the fact that silicon materials are difficult to return to the scarce market in the past. In addition, on September 21, the 100,000-ton granular silicon project in Inner Mongolia, a joint venture between TCL Zhonghuan and GCL Technology, was put into operation. Xinjiang Goens, which still produces rod-shaped silicon, which is regarded as a backward production capacity by its partner GCL Technology, has increasingly become a "tasteless" asset of TCL Zhonghuan.

However, unlike GCL Technologies, the pricing method of TCL Zhonghuan is based on registered capital (1.72 billion) and surplus reserve (8. The company also pointed out in the announcement that the two sides agreed that the shareholders'rights and interests of the target company generated before the registration date of the completion of the industrial and commercial change of the share transfer should be enjoyed by TCL Zhonghuan in proportion to the corresponding shareholding.

This also means that the final transaction amount of this transfer is actually far more than 6.