later, in response to the regulatory letter issued by the Shanghai Stock Exchange on the 1GW Computing Center project, Jingke Technologies formally responded on April 22. On the evening of April
16, Jingke Science and Technology announced that it had signed an agreement with the People's Government of Zhongwei City, Ningxia, to invest 24.5 billion yuan in the construction of Ningxia Zhongwei 1GW Computing Center project in three phases.
On April 17, the company's share price rose 3.75% on that day, closing at 6. It is worth noting that before the announcement, Jinko's share price rose for several consecutive days, with a cumulative increase of nearly 30%.
On the night when Jingke Technologies disclosed the above-mentioned major projects, the Shanghai Stock Exchange issued a regulatory letter to the company, its directors and all senior executives on the above-mentioned cross-border projects.
According to the regulatory letter, the Shanghai Stock Exchange focused on the necessity, rationality and synergy of this major investment, whether Jinko Technology has the ability to implement the project, the project fund planning and the impact of the fund arrangement plan on the company's operation.
To put it simply, the core questions of the Shanghai Stock Exchange are no more than three points: why the company wants to build the project, whether the project can land smoothly, and what impact the project has on the company's operation.
Among them, the Shanghai Stock Exchange specifically pointed out that if there are uncertainties that have not yet been disclosed, the risks should be fully prompted, and the follow-up should also be combined with the actual investment plan and performance, timely disclosure of relevant progress, clear market expectations, and not use information disclosure to cooperate with stock price speculation .
Jingke Technologies said that the company's self-supporting power plants are large in scale and partly distributed in resource-rich areas such as Northwest China. In with natural synergy effect with new energy power generation to hedge the risk of electricity price fluctuation and consumption, and further enhance profit stability and development resilience. Investing in the construction of computing power center project and relying on the company's green power resources to achieve "computing power synergy" is the strategic choice
for the company to cope with industry changes and build a differentiated competitive advantage. Realizing the integrated operation of "power generation-computing power" not only locks in a stable internal absorption channel, but also extends the value of the industrial chain, effectively avoids external uncertainties such as the mismatch between the contract term and the life of the power plant, and the fluctuation of electricity price, and effectively improves the stability and risk resistance of the company's profitability.
Second, whether the project can land smoothly.
First of all, Jingke Technology has analyzed the industry prospects, construction rhythm and competitive advantages to dispel doubts about whether the capacity of the Shanghai Stock Exchange can be fully digested. He also said frankly that he had insufficient experience in the investment and operation of the computing power center project. The company disclosed that it plans to respond by introducing strategic partners with relevant experience and professionals in the field of computing power operation.
At the same time, the Investment Agreement signed with the Zhongwei Municipal People's Government also clarifies that the local government needs to provide policy guarantee for the project promotion.
3. What is the impact on the company.
Jinko said that the 1GW computing power center project is divided into three phases: the first phase is planned to invest about 10 billion yuan and the IT power is 400 MW; the second phase is planned to invest about 6 billion yuan and the IT power is 300 MW; the third phase is planned to invest about 8.5 billion yuan and the IT power is 300 MW. Among them, the second and third phases of the project will be based on the first phase of the project to conduct a comprehensive evaluation to determine whether to build and promote the pace.
Among them, the first phase of the project Jingke Science and Technology Plan introduces strategic partners to jointly complete the project development and construction. Capital + commercial bank loan mode is proposed for project financing, with capital ratio of 20% -30% and financing ratio of 70% -80%.
According to the calculation of 70% leverage financing and 51% shareholding, Jingke Science and Technology said that the first phase of the project requires 1.5 billion yuan in capital investment and 7 billion yuan in project financing. The corresponding company's credit demand is about 3.6 billion yuan according to the proportion of shareholding. In this regard, the company said it was not a big problem.
However, if the follow-up joint venture plan can not proceed smoothly and 100% of the first phase of the project needs to be self-invested, Jingke Technologies said that although the company also has the ability to complete the investment, it is expected to bring certain stage capital expenditure and operation management pressure to the company.
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