Recently, the website of Shanghai Municipal Market Supervision and Administration published a simple case of concentration of operators, announcing the case of " Red Lion Holding Group Co., Ltd. 'S acquisition of shares in Asia Silicon Industry (Qinghai) Co., Ltd.".
The announcement shows that on December 25, 2022, Red Lion Holding Group Co., Ltd. ( "Red Lion Holding") signed a share transfer agreement with Asia Silicon Co., Ltd., a shareholder of Asia Silicon (Qinghai) Co., Ltd. Transfer of
the Company from Asia Silicon Co., Ltd. to Red Lion Holding Group Co., Ltd. 53. Prior to the transaction, Asia Silicon Co., Ltd.
held Asia Silicon 76. The Shanghai Municipal Supervisory Bureau also issued two equity transfer announcements on November 4, 2022, namely, "Asia Silicon (Qinghai) Co., Ltd. 7.5985% Share Transfer Announcement" and "Asia Silicon (Qinghai) Co., Ltd.
Red Lion Holdings will hold 65% of the total share capital of Asia Silicon.
Data show that the Asian silicon industry's annual output of 30000 tons and 40000 tons of electronic-grade polysilicon projects will start construction in 2020 and 2021, respectively. Asia Silicon's polysilicon production capacity will reach 8.
This is the third time that the Asian silicon industry has suffered a setback in its listing and eventually failed. The
Asian silicon industry's appeal for listing is likely to stem from a large long-term contract of Longji Green Energy. In August
2020, Asia Silicon Industry signed a long silicon material contract with Longji Co., Ltd., which stipulated that the total amount of polysilicon materials purchased from September 1, 2020 to August 31, 2025 was 12.
The polysilicon production capacity of Asia Silicon Industry is only 19000 tons per year. Silicon industry
in Asia is rapidly expanding its production capacity to achieve supply capacity. At the end of
2020, Asia Silicon Industry launched its IPO and planned to raise 1.5 billion yuan, all of which were invested in the "60000t/a Electronic Grade Polysilicon Phase I Project", with a total investment budget of 2.499 billion yuan. The construction cycle is 1.
However , the process of listing is full of twists and turns, and ultimately failed . In November
2020, the listing application of Asia Silicon was accepted by the Shanghai Stock Exchange. In March
2021, the audit was suspended due to the expiration of financial information, and resumed three months later. At the end of March
2022, the Shanghai Stock Exchange suspended its issuance and listing review again because the financial information recorded in the application documents for the issuance and listing of Asian Silicon Industry had expired and needed to be submitted. On April 29,
2022, after completing three rounds of inquiries and replies, Asia Silicon and its sponsor Ping An Securities submitted to the Shanghai Stock Exchange the application documents for withdrawing the initial public offering of Asia Silicon and listing on the board. According to the relevant provisions, the Shanghai Stock Exchange decided to terminate its public offering and listing audit.
The Asian silicon industry has suffered three setbacks in entering the A-share market. Nine months later, the old player in the photovoltaic polysilicon industry officially changed ownership. Reselling assets at the high point of the
industry is actually a failure of gambling, and the actual controller is cashing out and repurchasing? 70000 tons, 357 GW, 318 GW and 288.7 GW, with a year-on-year increase of more than 55%, and the newly installed capacity reached 87.41 GW, with a year-on-year increase of 59. The total output value of the industry exceeded 1.
According to the estimates of experts in the industry, in order to achieve carbon neutrality, the global effective installed capacity of photovoltaic will reach 20 TW in 2050. That is to say, the average annual global installed capacity is 460 GW. If the acceleration curve is considered, the probability will reach an annual new capacity of more than 1 TW by 2030, and the growth space will be more than ten times.
Silicon material is one of the most profitable links in the industry. In 2022, the price of silicon materials soared, with the highest average transaction price rising to 330,000 yuan/ton. Although it has now fallen back to about 220,000 yuan/ton, the price is still at a high level. Selling the silicon material industry
at this time inevitably makes many people feel sorry.
However, industry insiders have analyzed that the resale of the Asian silicon industry may be related to the terms of gambling between controlling shareholders and investment institutions.
According to the listing prospectus of Asian Silicon Industry, the company was founded in 2006, co-funded by Qinghai New Energy Research Institute Co., Ltd. and Asian Silicon BVI, which is controlled by Shi Zhengrong and his wife, and has undergone several equity changes since then. Shi Zhengrong and his wife Zhang Wei are the actual controllers of the Asian Silicon Industry. They indirectly control the Asian Silicon Industry through the overseas trust structure and the Asian Silicon BVI.
Except for the Asian Silicon BVI controlled by Shi Zhengrong and his wife, the remaining nine shareholders of the Asian Silicon Industry hold less than 8% of the shares, including a fund controlled by the state-owned assets of Xining City and the Bank of Nanjing. And Shenzhen Venture Capital.
According to the issuance documents, Asia Silicon BVI and Shi Zhengrong signed a gambling agreement with other shareholders of Asia Silicon, if Asia Silicon fails to publicly issue shares and list in China before December 31, 2022. The controlling shareholders and actual controllers of Asia Silicon jointly and severally repurchase all or part of the company's equity held by the investor.
The equity transfer transaction, or for the Asian silicon industry three times to stop the IPO, failed to achieve the goal of listing on time, the actual controller needs a huge amount of repurchase funds to support.
According to sources, the acquisition of photovoltaic cross-border upstart Red Lion Holdings at a cost of 53
billion yuan has taken advantage of the
Asian silicon industry to change ownership, but the new boss Red Lion Holdings is also a new entrant in the photovoltaic industry.
Hongshi Group, a leading private enterprise mainly engaged in building materials, environmental protection, finance and other three major business sectors, has more than 50 large-scale cement enterprises in 10 provinces in China and Laos, Nepal, Indonesia, Myanmar and other countries, as well as a number of large-scale overseas cement bases.
According to the data of China Cement Network, the largest portal website of China's cement industry, Red Lion Group has been deeply engaged in the cement industry for many years, and is one of the top 500 Chinese enterprises and top 500 Chinese private enterprises. On China Cement Net "2022 National Cement 
year," Hongshi Group's Xinjiang 
In any case, the photovoltaic industry has ushered in an ambitious upstart, which may also bring new ways of playing, and the future performance is worth looking forward to.
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