Cross-border photovoltaic has a new story. On the evening of June
21, Hekang Xinneng announced that it planned to issue 332,490,407 shares to Midea Group, raising no more than 1.473 billion yuan. It is used for electrical equipment business capability upgrading projects, photovoltaic industry platform projects, information system upgrading projects and supplementary liquidity. The subscription price of this
Midea Group is 4.43 yuan per share, which is about 20% discount compared with the latest closing price of 5.56 yuan per share of Hekang Xinneng. The number of subscribed shares is 332 million. The Midea Group will subscribe for all the shares issued by the company in cash, and has signed the Conditional Share Subscription Agreement with Hekang Xinneng.
Enterprise investigation data show that the Midea Group is the indirect controlling shareholder of Hekang Xinneng. The Midea Group holds 18.83% of the shares of Hekang Xinneng through American HVAC. After the completion of this issue, the proportion of direct shareholding of Midea Group and indirect shareholding of HVAC through the United States will increase to 37.56% of the total equity. Therefore, after the completion of this issue, the controlling shareholder of Hekang Xinneng will be changed from American HVAC to Midea Group, and the actual controller will still enjoy health.
In response to the issuance, Hekang Xinneng said that first, it can enhance the status of controlling shareholders and support the development of listed companies; second, it can improve the company's strategic layout, consolidate the company's leading position in the industry, and promote the rapid development of related industries; third, it can positively lay out the high prosperity track and enhance the company's comprehensive competitiveness. Fourth, to meet the company's working capital needs and enhance the company's ability to resist risks. Hekang Xinneng,
as the main body responsible for the EPC photovoltaic business within the Midea Group, is currently divided into three business segments: high-end manufacturing + energy conservation and environmental protection + new energy business. The new energy business includes EPC energy storage, industrial and commercial energy storage and household energy storage. This investment in photovoltaic industry platform project is one of the main strategic development directions of Hekang Xinneng in the future. Since 2015,
the company has been engaged in photovoltaic power generation business, and has accumulated a large number of industry resources and technical reserves over the years. By the end of 2022, Hekang Xinneng has completed the acceptance of seven projects in the field of distributed photovoltaic EPC, including the first phase of photovoltaic power station of Kuka Robot (Guangdong) Co., Ltd. and distributed photovoltaic power generation of Huai'an Weiling Motor, with a cumulative installed capacity of more than 33 MW. In April
2020, Midea Group Holdings Hekang Xinneng opened a new prelude to the strategic restructuring of enterprises. In October
2021, the Midea Group issued a green strategy to the outside world, and Hekang Energy, as a concrete practice of the strategy, actively laid out new energy storage related businesses.
At present, Hekang Xinneng still has a number of projects in progress: 7 projects such as the distributed photovoltaic power generation on the roof of the factory building of Guangdong Midea Kitchen Appliance Manufacturing Co., Ltd. and the distributed photovoltaic power generation project on the roof of Weite are being completed and accepted, and 13 projects such as the first, second and third phases of distributed photovoltaic power generation in Guangdong Weiling are under construction.
As early as February this year, the Midea Group and the Eighth Bureau of China Construction signed a strategic cooperation agreement at the headquarters of the Midea Group, marking a new chapter in the comprehensive deepening of the strategic partnership between the two sides. The two sides will carry out comprehensive and in-depth cooperation in infrastructure projects, smart buildings, smart parks, photovoltaic energy storage, Kuka robots, medical automation, smart home and other fields.
With the help of holding Hekang Xinneng, the United States has entered many new energy business areas such as photovoltaic, energy storage and so on. After TCL, Skyworth, Haier and Gree, it has become another home appliance giant in the cross-border photovoltaic industry.
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