Yanghui into the fourth time pioneering sea-run PV successfully borrowed Shell St Shannon

After 1.5 arduous trek, by "the father of China's photovoltaic industry," Yang Huijin led the sea-run Photovoltaic Technology Co., Ltd. (hereinafter referred to as "sea-run photovoltaic") borrow Shell listing plan finally chess to the final plate.

August 26, St Shannon (600401.SH) issued a notice, by the China Securities Regulatory Commission merger and Reorganization Committee audit, the company's major assets to sell and the new shares to absorb the merger of sea-run Photovoltaic Technology Co., Ltd. to obtain "Conditional approval." It is also the second listed company to be born in the hands of Yanghui after the solar energy.

"I'm just doing a little thing that can achieve self-worth, like Suntech's chairman, Shi, who is pushing the industry a lot more." Earlier in an interview with reporters, Yang Huijin said he was ashamed of the aura he had given outside.

The 48-year-old Yanghui, and Shi, Zhao Jianhua together by the industry crown known as "Yangzhong three Jie." 2000 with Shi founded Wuxi Suntech, 2004 and Zhao Jianhua founded in Photovoltaic, 2005 and Jin set up the Hebei Crystal Australia, and the latter into the Nasdaq, to enlighten and drive the name of China's photovoltaic industry, reputation as "the father of China's photovoltaic industry."

According to the reorganization plan, St Shannon intends to sell all assets and liabilities to the controlling shareholder of Jiangsu Shannon Venture Group Co., Ltd., realize the net shell reorganization, and add a shares to share the share of the sea-run PV 100% Equity, the issue price is 3 yuan per share.

Reorganization Twists

Yang Huijin as CEO of Hai Run PV Company, reorganization St Shannon process speed up

January 2008, the Sea run photovoltaic change for the company Limited, began to plan ipo;4 month, the sea run photovoltaic accept the national letter securities of A shares listed counseling, but then because of the financial crisis in 2009 died.

"Foreign financial markets are poor, and many foreign consortia, including Morgan and Goldman Sachs, have owned many of China's photovoltaic companies, and it is hard to support new competitors." "A PV company executive told reporters that compared to overseas IPOs, a A-share listing can also be a higher valuation, such as LDK, Crystal Australia, Suntech, Trina Solar, and other U.S. stocks on the 3-7-fold earnings ratio, domestic solar energy valuation is more than 13 times times.

After the IPO encounter, in the Jiangyin government matchmaking, the sea run PV and the same place Jiangyin St Shannon in the beginning of 2010 first contact.

At that time, St Shannon in 2006, 2007 and 2008 for three consecutive years of losses, leading to a suspension of stock market, 2009, relying on government subsidies to achieve profitability.

It is reported that the Jiangyin government has held a number of St Shannon reorganization of thematic coordination meetings, only the formation of a special meeting minutes of the document has three. In the meantime, the Shaanxi smelting Stone and sunshine real estate all intend to reorganize St Shannon, but be subject to a variety of factors fail to travel.

As the domestic owned listed enterprises most of the city, Jiangyin listed office Director Jianguo said, restructuring St Shannon first to ensure that the shell resources to stay in Jiangyin, "at the same time the assets must be placed in the market with the development of industrial economy to adapt." From is to generalize, the sea run PV two conditions are the best choice.

In September 2009, Yang Huijin resigned as vice chairman of the Regent's Board of directors, then moved to sea-run PV as CEO of the company, restructuring St Shannon process by speed.

The reorganization plan shows that the proposed valuation of the sea-run PV assets of the listed companies is about RMB 2.32 billion, and the estimated estimate of assets and liabilities is about 280 million yuan. St Shannon intends to issue about 773 million shares to the sea-run PV shareholders.

After the completion of the transaction, the company's total share capital of about 1.031 billion shares, Hai-run photovoltaic holding shareholders Zijin electronics and the concerted action of about 41.8%, Yanghui into the holding of St Shannon 139.7176 million shares, accounting for 13.55%, become the largest natural shareholders.

In fact, as an important part of the executive team incentive, in addition to Yang Huijin, Jiangqingtang, Chen, Zhang Yongxin, Wu Tingbin and other 11 senior management team also because of gaining equity incentives and the market value of the increase. After the additional, the Executive vice President Jiangqingtang held 7.6834 million shares, the current market value of 23 million yuan, Chen, Zhang Yongxin and other high-level also hold 3.1183 million shares.

The challenge from Suntech

"We did talk about three of us, but it's not yet a specific contract," said the company. ”

As one of the largest crystalline silicon solar cell production enterprises in China, as of the end of 2010, Hai-run PV has an annual output of 150 million pieces of silicon wafer, battery 580MW, solar module 150MW production capacity, 2010 years ago, the October Sea-run PV net profit of 270 million yuan (unaudited).

The PV PV cells and components are mainly based in Taicang and Hefei, and the long-term planning capacity of the two major bases is 2GW and 1.2GW.

"The project in Hefei is progressing very quickly, and it is estimated that by September, 10 lines, 300MW, can be produced." The PV executives said the project was advancing at a fast pace, with Yang Huijin in Suntech, CLP photovoltaic and Crystal Australia.

After the listing, Hai-run PV and Foxconn, Poly-GCL cooperation has become the focus of the market. Earlier in the early 2011, Yang Huijin and Foxconn chairman Terry Gou, Poly co-chairman Zhu Shan, Jiangsu Yancheng Funing Photovoltaic base has been discussed. The base is planned for 5GW solar cell and component projects, about 1/3 of global market supply in 2010.

"There are a lot of rumors that three of us did talk together, but it hasn't been translated into a specific contract today," he said. "On the phone, Hai-run PV CEO Yang Huijin to this cautious, business way, apart from the consideration of local government demand, enterprise input and output factors, but also the industrial integration and management costs of long-term considerations, is not only willing to go."

In front of the sea-run photovoltaic is the fierce market competition in the Red Sea: Wuxi Suntech plans to lift the battery module capacity from 2010 1.2GW to 2011 2.4GW; The group plans to increase this year's battery capacity to 3GW, much higher than the 2010 1.9GW.