Abstract Although the “cold winter†of photovoltaics since last year has made many companies in the industry miserable, but for the new large new materials that are mainly engaged in the cutting of silicon wafers, it can complete the integration in the downturn of the industry and “upgrade†itself to The new material development platform of Pingmei Shenma Group is a kind of weak market...
Although the “cold winter†of photovoltaics since last year has made many companies in the industry miserable, but for the new large new materials that are mainly engaged in the cutting of silicon wafers, it can complete the integration in the downturn of the industry and “upgrade†itself to the level. The new material development platform of the coal Shenma Group is a survival strategy under the weak market. Since the beginning of September, the new large new materials that have been suspended from planning for major asset restructuring have recently disclosed the restructuring plan. The company plans to supply Pingdingshan Yicheng New Materials Co., Ltd., including Pingmei Shenma Group, at a price of 6.41 yuan/share. Said "Yicheng new material") All shareholders issued additional shares, purchase 100% of its shares held by Yicheng New Materials, the transaction price totaled 890 million yuan. After the completion of the restructuring, Pingmei Shenma Group became the controlling shareholder of the company, and the Henan Provincial State-owned Assets Supervision and Administration Commission will become the actual controller of the listed company.
Yicheng New Materials, the trading target of this asset restructuring, is mainly engaged in the production and sales of crystalline silicon wafer cutting blades. It has now developed into one of the largest manufacturers of crystalline silicon wafer cutting blades in China. According to financial data, the company achieved revenues of 3.024 billion yuan, 2.152 billion yuan and 497 million yuan in 2010, 2011 and the first three quarters of 2012, respectively, and realized net profit of 155 million yuan, 73.641 million yuan and 20,847,500 yuan. In the company's customer list, there are many “big players†in the industry such as GCL-Poly Energy, Trina Solar and Jiangxi LDK. The company's shareholders include Pingmei Shenma Group, Pingdingshan Coal (Group) Dazhuang Mine Labor Service Company, Tianjin Changan Innovation Photovoltaic Equity Investment Partnership (Limited Partnership) and other 13 strategic investors, as well as 9 natural persons such as Sun Yi.
According to reports, Yicheng New Materials has high-fine micro-powder, silicon carbide high-performance heat exchangers and other projects with broad market prospects and mature production technology. The future development prospects are good, and the overall profitability of listed companies after restructuring can be enhanced. At the same time, according to the "Profit Compensation Agreement" signed by the two parties, Pingmei Shenma Group promised that the net profit of Yicheng New Materials in 2012-2014 should not be less than 25 million, 60 million and 100 million yuan respectively. If it is not up to standard, it will be in cash. Make up.
Since the second half of 2011, restructuring and integration has become the preferred method for many PV companies at home and abroad to improve their viability. The major asset restructuring of Xindaxin Materials has obviously followed this trend. The company said that the restructuring is in the overall downturn in the photovoltaic industry, and the industry within the industry adopts the industry consolidation under the vicious competition dominated by price wars. After the completion of the reorganization, the market share of listed companies will increase to about 40%, becoming the industry leader, and the bargaining power of downstream chip manufacturers will be significantly enhanced, which can effectively restrict the enterprises in the industry to blindly reduce prices in order to increase market share, and upgrade the industry. Competitiveness. However, the company has not shown excessive optimism about the future development of the industry. According to Xindaxin Materials, from the second half of 2013, the sales price of crystalline wafer cutting blades will slowly pick up with the recovery of market demand, and will return to a reasonable market level by 2020, but will not break through history. The highest record.
It is worth mentioning that Xindaxin Materials has introduced the “Xindongjia†Pingmei Shenma Group through this major asset restructuring, and has become the new material business integration platform of the latter. Some analysts said that this is expected to become the future of the company. The biggest point of development space.
According to the commitment of Pingmei Shenma Group, if the share price of Xinda New Materials reaches less than RMB 10/share within 10 months after the completion of this restructuring, it will increase its holding through the secondary market to not less than the total share capital of the former company. 3%, if the share price of new big new materials in less than 15 yuan within 15 months, the cumulative increase in holdings of new large new shares is not less than 5%.
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