After 10 months of restructuring, the former "Jiangxi Pig King" Zhengbang Science and Technology Restructuring Plan (Draft) was approved by the creditors'meeting. If the follow-up goes smoothly, the twin groups of feed and breeding enterprises are expected to take over Zhengbang, help Zhengbang improve its operating level, and inject its own high-quality assets into listed companies.
However, as the restructuring plan of Zhengbang Group was settled, a 40 billion "carbon neutral" integrated smart energy project of the company passed away with its glory. On June 17,
2022, Zhengbang Science and Technology announced that it had signed a 40 billion "Carbon Neutrality" Integrated Intelligent Energy Project Agreement (hereinafter referred to as "Carbon Neutrality Project") with the State Power Investment Corporation. The company intends to invest in the development of Guangyou, wind power, integrated smart energy and other projects within three years.
At that time, most of the value of Zhengbang Science and Technology was on the pig breeding business. Since 2021, the pig breeding industry has entered the bottom of the cycle, and the pig price has collapsed. In this case, Zhengbang Science and Technology is still expanding the company's pig production capacity through self-construction, transformation and leasing.
However, even a generation of pig kings can not escape the fate of failure in the struggle against the pig cycle. In 2021, Zhengbang Science and Technology lost 18.82 billion yuan and its liabilities reached 43.12 billion yuan, and its losses continued to expand in 2022.
In this context, Zhengbang's carbon neutralization project triggered a shock as soon as it appeared, which was widely regarded as not doing proper work at that time. On the tenth day of the project announcement, Zhengbang Technology's share price fell to 5.97 yuan, down more than 14% from its recent high. At the same time, the Shenzhen Stock Exchange also issued a letter of concern, asking the company to explain the way of cooperation with the State Power Investment Corporation, the obligations undertaken, the source of funds and other risks.
However, with the subsequent Zhengbang Science and Technology falling into debt turmoil and entering the reorganization process, in addition to the news of ribbon-cutting of a distributed photovoltaic project in a farm in Hubei Province in October of that year, the carbon neutralization project also entered a dead end with Zhengbang Science and Technology.
Source: Hubei Shayang Zhengbang Pig Farm Distributed Photovoltaic Power Generation Project Commencement Ceremony
Many New Entrants Stop "Chasing Light"
The experience of Zhengbang Technology is just a typical microcosm in the photovoltaic industry that does not stop chasing light.
Since the photovoltaic industry entered the upward cycle in the name of creating wealth, enterprises from all walks of life, such as pig raising, cattle raising, landscaping and so on, have come in pursuit of light. They either seek self-help like Zhengbang, or hope to create a new business growth pole like Hongrun Construction, or simply want to "borrow light for growth".
But no matter what kind of purpose, ignoring the nature of photovoltaic manufacturing industry, the behavior of forced career change is difficult to last long, and today, the first batch of quitters have emerged. On June 21
this year, Ovi Communications announced the termination of its previous joint venture with Entropy (Shanghai) Energy Technology Co., Ltd. to build 5G W heterojunction batteries and components. As the first A-share listed company to announce cross-border photovoltaic in 2023, the company also took the lead in this year's photovoltaic hot ebb tide. Less than two months
after Ovi Communications left, on August 4, Huangshi Group officially announced that it would give up the control of Anhui Huangshi Green Energy Technology Co., Ltd., which is responsible for the TOPCon battery project, through two announcements of equity transfer and capital increase in one day, which also means that after one year of cross-line pursuit, the company will be able to do so. Huangshi Group's previous ambition of 10 billion layout in Fuyang.
Ten days later, Letong also announced that it would reduce the investment scale of the 4.8G W heterojunction battery project in Anji, Zhejiang Province, from the previous investment of not less than 100 million to 12.5 million, directly handing over the control of the project company.
To sum up, after entering the photovoltaic manufacturing industry, most of these enterprises only went to the new project announcement link, that is, declared failure and turned away.
For new entrants, if they simply see the profitable side of the industry and ignore the risks of long cycle, heavy capital, technical barriers and other aspects of the photovoltaic manufacturing industry, it is easy to stay in the planning stage like these enterprises, even if it is forced to push forward. It is also difficult to stand out in the fierce competition now, but it is just from one quagmire to another vicious battlefield.
So for the new entrants, how to break the game?
In fact, the cross-border tradition in the photovoltaic industry has a long history. Today's leading silicon material Tongwei has made a fortune through fish feed, Trina Solar has made fluorocarbon aluminum plates, and Dongfang Risheng was originally a humble lamp factory, but through years of development, they have now become pillar enterprises in the industry. Among them, opportunities are on the one hand, and enterprise positioning is more important.
As Gao Jifan, chairman of Trina Solar, emphasized, "Emerging enterprises can also gain advantages by seizing differences to develop, but it is difficult to succeed if they compete homogeneously with superior enterprises."
But for now, it seems that most of the entrants have not done so.
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