On September 29, TCL Central issued four announcements in succession, which revealed that TCL Central was really short of money.
Among the four announcements, TCL Zhonghuan transferred 27% of the shares of Xinjiang Goens Energy Technology Co., Ltd. for 697 million yuan . About this incident, Digital New Energy DNE also made an analysis in yesterday's article (for details, please click: TCL Central "Sell": Really short of money, fake cheap sale! ）。 Another announcement on the capital increase and production expansion of subsidiary Zhonghuan Leading Semiconductor Materials Co., Ltd. also proves that TCL Zhonghuan is really short of money at present.
In the third round of inquiry from Shenzhen Stock Exchange, it not only pointed out the doubts about the technical risks of its 25GW N & nbsp; TOPCon high-efficiency solar cell industry 4.0 & nbsp; smart factory project, but also revealed the concerns about the risks of its fund-raising.
On August 12, TCL Central issued a prospectus for issuing convertible corporate bonds to unspecified targets. It plans to raise 13.8 billion yuan to build 25GW N-type TOPCon high-efficiency solar cell industry 4.0 smart factory project and 35 GW high-purity solar ultra-thin monocrystalline silicon wafer smart factory project.
However, in the third round of inquiry letter, Shenzhen Stock Exchange pointed out that the revenue growth rate of TCL Central in the first half of 2023 was lower than that of the same period in 2021 and 2022, and lower than that of TCL Central in the next three years. By the end of the latest period, the asset-liability ratio of TCL Central was 52.25% .
At the same time, TCL Central currently has 65.6 billion yuan to be spent. By the end of 2022, TCL Zhonghuan will need about 19.2 billion yuan for debt repayment in the next three years, and about 4 6.4 billion yuan for major projects.
Among them, funds for major projects still need to be spent. The total investment of 25GW N-type TOPCon high-efficiency solar cell industry 4.0 smart factory project and 35GW high-purity solar ultra-thin monocrystalline silicon wafer smart factory project has reached 14.315 billion yuan.
In addition, in March 2021, TCL Zhonghuan invested 12 billion yuan to build a 50g W (G12) solar grade monocrystalline silicon material smart factory project. According to the report of the first half of 2023, the construction progress of this project has reached 91.07%.
According to industry analysis, TCL Zhonghuan has a premonition that the 13.8 billion fund-raising project will not go smoothly under the background of selling factories, increasing capital and expanding production, or tightening A-share refinancing, so it has to seize the time to raise funds in advance to ensure the smooth progress
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