After 45 years, the earliest PV companies in China really want to go public?

The earliest photovoltaic companies in China, watching its growth process is reading the development history of China's photovoltaic industry. Regrettably, in the 45 years since its birth, although it has changed several times, it has been entangled in shame. Waiting for countless years, this time, it is close to the market, but it is catching up with the arrival of photovoltaic winter. The earliest PV companies in China really want to go public? The equity entanglement between Bird and Ningbo Electronics has allowed Japan Solar Power Co., Ltd. (referred to as Sun Solar) to pass the listing several times. This time, it is only one meter away to touch the heat of the financial market. On May 30, Zhou Jianhong, the general manager of Nissho Solar, and his colleagues arrived in Germany one week in advance. At the site of the Munich Photovoltaic Exhibition, full of blond hair and high nose, these Chinese people, like their "second generation" Shi Zhengrong, were a little embarrassed but excited. In the baptism of countless envy and respect, they no longer have a good chest, and walked toward the exhibition floor more than Shi Zhengrong. For this day, solar energy in Japan has been waiting for 45 years. The predecessor of Sun Solar was Ningbo Silicon Material Factory, which was founded in 1966. It is one of the earliest “four major veterans” engaged in research on photovoltaic solar energy. In 1978, the small factory was renamed Ningbo Solar Power Plant (referred to as Ningbo Solar), which quietly opened the door to China's PV industry. As the first PV company in China, it quickly occupied 80% of the market for solar PV module products in China. Two years later, on a winter afternoon, on the banks of the West Lake. Tens of thousands of Hangzhou citizens stopped to watch and watched a ship with strange boards. China's first experimental solar-powered silicon solar cruise ship made by Ningbo Solar has been running at full speed for three hours at a speed of 6 km/h without conventional fuel. This record was not broken until 30 years later (on the eve of the 2010 Shanghai World Expo, on the banks of the Huangpu River in Shanghai, when the Shanghai Party Secretary Yu Zhengsheng launched the "Shang German Sheng" cruise ship maiden voyage button, some media called it "China" The first solar hybrid cruise ship"). However, Ningbo Solar soon fell into the entanglement between the shares of Bird and Ningbo Electronic Information Group. Since then, it has been renamed several times and has risen and fallen several times. In 2005, Wuxi Suntech successfully landed on the New York Stock Exchange, and its chairman Shi Zhengrong completed the gorgeous turn from the technical staff to the richest man. Then a number of star-level PV companies such as Yingli and Saiwei quickly followed up, while Ningbo Solar was like a big fish in a small pond. When entering a larger lake, it would instantly find such a huge amount of energy. And body. It was quickly dropped far and even out of the media. For such a gap, a senior executive of Sun Solar decided that the reason was due to lack of money. He said: "If you go public, you can turn things around." Is it just the reason for the lack of money? In today's hot concept of new energy, is the photovoltaic industry bad? Isn't it a question of money? What is it? In various complex expressions such as 嫉妒, the tempered solar energy of Japan and Japan must have a strong heart. However, is Shi Zhengrong who has already left the altar really the only way they choose?” said an industry insider. I want to occupy more markets and get bigger cakes. In addition to money, there are still many things that need to be done. As the "post-entry" solar energy, what you want to see is definitely not the benefit of this meter. Almost died on the beach "Sun and solar energy has developed to the present, must be listed." Zheng Fei (a pseudonym) told reporters. Zheng Fei is an executive of Ningbo Solar. He talked about the experience of solar energy in the past few years. His voice is somewhat low. “We were down on the scale. The reason is that the company failed to go public. In the last few years of the 20th century, China’s securities market was still serving the state-owned enterprises, and it was given the historical mission of letting state-owned enterprises turn losses into profits. At that time, the listing was not through sponsorship, but through the distribution of indicators. In 1998, Ningbo gave an indicator to the then administrative unit of Ningbo Electronic Industry Bureau (now Ningbo Electronic Information Group). Ningbo Solar is the state-owned enterprise under the Electronic Industry Bureau. However, what surprised them was that the Electronics Industry Bureau did not give this only life-saving gimmick to the son of the roots of the seed. At that time, the largest and most promising company under the management of the Ningbo Electronic Industry Bureau was the waveguide. But Bird is a private enterprise, without this indicator, so the Electronic Industry Bureau put the state capital into the waveguide to change it. In November of that year, Bird absorbed and merged two wholly-owned enterprises under the Ningbo Electronic Information Group, one is the Ningbo Capacitor General Factory. The other is Ningbo Solar. At that time, Ningbo solar sales were less than 10 million yuan, employees There are only a few dozen people, and the output value of the "fighter in mobile phone" waveguide is close to 10 billion yuan. In the face of an elephant-like waveguide, Ningbo solar energy is as insignificant as an ant. In 2002, the mobile phone business in the waveguide was in full swing. At that time, in order to focus on the main mobile phone business, Bird transferred more than 10 million yuan of Ningbo Solar Energy to Ningbo Electronic Information Group. In fact, Ningbo Solar just fell back and finally returned to the hands of Ningbo Electronic Information Group. At this time, the domestic photovoltaic industry began to heat up rapidly. However, at this time, Ningbo's solar energy step was slower due to “Taiji Pushing Hands”, and even the latecomer Shang De was behind him. The insider revealed that Shi Zhengrong was established for listing. When BVI privatized Suntech, Ningbo Solar, a 100%-owned background, also solved the problem of corporate identity and tried to get the state-owned assets out. “Ningbo Solar plans to go the IPO alone, and the time is no better than the Chinese Sun. A 'Shangde night. If it is true, the current domestic PV business pattern is definitely another way. The relevant person in charge of Ningbo Electronics Industry Association said that Ningbo Solar invited Limin Investment Bank to help divest state-owned assets. Later, it coincided with Ningbo’s request to clarify labor relations. Ningbo Solar attempted to buy out some labor relations through some employees. The way of stocks divested state-owned assets. However, because the size of the company was small and shy, the problem of the divestiture of state capital was not enough. The system became a paralysis of Ningbo solar energy. At that time it was too small, relying on its own strength. It is not enough to break free from bondage, and the government that is numb with nerves is even more difficult to return. As a result, Ningbo Solar can only swear and dance with ambition. In 2006, the photovoltaic industry developed rapidly, and Ningbo Solar finally got no money. Listing issues and state-owned assets The divestiture was once again put on the agenda. In this year, the new "Company Law" was promulgated, stipulating that the actual controller was not allowed to go public within three years after the change, and the equity change was once again stranded. On the other hand, Suntech, which was established in 2001, Has successfully landed in the US New York Stock Exchange under the leadership of Shi Zhengrong, Shi Zhengrong’s wealth is also Chao Huang Guangyu and Rong Zhijian became the newest richest man in mainland China. At the same time, the collective sinking of domestic mobile phone manufacturers, the situation of the waveguide is not as good as one day. As the major shareholder of Bird, Ningbo Electronic Information Group is not doing well. In the context of listed resources in the hands, and want to apply for the issuance of new shares by another company, it is obviously unlikely to be approved by the regulatory authorities. The enthusiasm of Ningbo Solar's high-level listing was unexpectedly opposed by the major shareholder Ningbo Electronic Information Group. It’s a cold water. In fact, Ningbo’s solar energy listing has been in existence for a long time. This is not entirely because they are short of money. “Enterprises can’t develop without listing. The listed companies’ funds, brands, talents and management are not non-listed companies. Can compare. "Former Ningbo solar retired executives said. Even if it is not listed, the shackles of state-owned enterprises to Ningbo solar energy have become very obvious. "Business enterprises will maintain unfair competition in the background of state-owned assets. In the market competition, enterprises are losing money. of. State-owned enterprises speak the level, and our company is at the level. But only compare and talk about enjoyment, how can the company survive?” Zheng Fei said, “Listing is a two-pronged move.” In 2008, Ningbo’s solar profit reached 190 million yuan, and listing seems to be a matter of course. Just when executives plan to go public The global financial crisis broke out, and more than 300 PV companies in China closed down, accounting for 3/4 of the total number of domestic PV companies. The profit of Ningbo Solar also fell to 70 million yuan in the second year. "There is no way in this section." Listed. Zheng Fei said. Of course, Ningbo Solar will not be willing to be killed by the waves on the beach. On January 8, 2009, Vice Mayor of Ningbo Yu Hongyi took the Municipal Bureau of Land and Resources, the Municipal Construction Committee, the Municipal Electric Power Bureau, the High-tech Industrial Zone, etc. The leaders of 7 relevant departments went to Ningbo Solar's on-site office. For the difficulties and problems of Ningbo's “120MW high-efficiency solar cell and component industrialization project”, which met the enterprise's capital verification, power supply and land bidding, Yu Hongyi coordinated the working group on the spot. The problem was solved. The female mayor is precisely the former general manager of Ningbo Industrial Bureau and the former general manager of Ningbo Electronic Information Group, the major shareholder of Sun Solar. On November 19, 2010, Ningbo Solar changed its name through the overall change. For Sun and Solar, the registered capital is nearly 100 million US dollars. The new round of listing schedule has been placed on the desk of every executive of Ningbo Solar. Under such a background of vigorous internal changes, Ningbo Solar does not recognize that they are falling behind. Zheng Fei said: "There are generally two reasons for the low-key of large companies, or they are boring. Hard work, or is there a problem, not a speech. He believes that Sun Yat-Sen's silence is to gain momentum. His mood has become a bit high, and he has taken the opportunity to publicize: "We represent the history of China's solar industry development, we have to be a century-old store. Wang Shijiang, secretary of the China Photovoltaic Industry Alliance, said: "The price-to-earnings ratio of Chinese PV companies listed in the US is all below 10, and the lowest is 1.6. The price-earnings ratio of PV companies listed in China is above 20 and 30. He also said: "The reason for the decline of Ningbo's solar energy is not that Zheng Fei said that the listing was frustrated, but it should be brain drain. At the beginning of this year, the acquisition of the Emei Semiconductor Materials Factory, which followed the 46-year old state-owned enterprise system, is an example. According to industry insiders, for the latecomers of the photovoltaic industry, whether it is a state-owned enterprise or a private enterprise, Ningbo Solar Energy is their only reference. Especially in the tide of the market economy, it will delay the fighters in the next minute, and it is better to do it with bare hands. Take weapons from other people, even though the weapons are a bit rough. Is there any backwardness? Ningbo Solar's predecessor, Ningbo Silicon Material Factory, was founded in 1966, and it also has Yunnan Semiconductor Device Factory, Henan Kaifeng Solar Battery Factory, Hebei Qinhuangdao Huamei Photovoltaic Electronics, they are recognized as the “four major veterans of domestic photovoltaics.” 12 years later, in 1978, this small factory was renamed Ningbo Solar Power Plant, and really began to specialize in solar cell production. In China, this is the first In that year, Shi Zhengrong, who was later hailed as “Big Gates in the photovoltaic industry”, was only 15 years old. Chen Yitong, the current leader of the wind power expert group of the Inner Mongolia Development and Reform Commission, said: “In 1989, solar energy was installed for 24 herders. In the power generation facility, the battery is from Ningbo Solar. This is the first demonstration solar energy application project in China. When photovoltaics are still rare, Ningbo Solar easily occupied 80% of the domestic solar PV module products, which also enabled Ningbo Solar to quickly live a life of food and clothing. In 2000, as the Electronic Industry Bureau ( At present, Zhou Jianhong, director of Ningbo Electronic Information Group, came to Ningbo Solar. At this time, Ningbo Solar ranked first in the country in terms of scale and output. That is their happy time. Even so, Ningbo Solar's production capacity is only 5 MW. "But we can spend a lot of money. At present, the cost of solar power generation is basically one yuan. At that time, it was more than 30 yuan!" Because of the commanding heights of time, Ningbo Solar's products were quickly applied to military industry. Many standards were assisted by Ningbo Solar. However, the biggest market demand is still in the level of civilian consumption. Therefore, in 2005, Wuxi Suntech quickly overshadowed the momentum of Ningbo solar energy. In 2006, after the black horse of Suntech landed on the New York Stock Exchange, it was hard to hear from Ningbo. The sound of solar energy. "The key to Suntech's doing well is that they rely on the power of capital. In Zheng Fei’s eyes, he obviously does not quite see the rapid rise of Suntech. “In fact, they are also trying to make money, but their rhythm is not flattering. "An industry expert familiar with them said. Until November 19, 2010, the company changed its name again, changed from Ningbo Solar Power Co., Ltd. to Nippori Solar. In fact, the company is trying to capture the outside world with well-known products. Vision - The company's product that once occupied 80% of the country's market share was the solar-powered silicon solar module. "You said that Ningbo Solar's people don't know, you know the industry, you know the industry." Zheng Fei said. In the electronics industry, power supplies represent weak electricity, and power represents strong electricity. Photovoltaic companies that are now called power supplies are basically doing navigation lights and base stations, which is a small hit in the eyes of solar energy in Japan and Japan. Large-scale power stations. In the eyes of outsiders, the rise and fall of solar energy in Japan has a direct relationship with the character of entrepreneurs. Ren Fengbo said: "Ningbo Solar's obscurity is because this company is relatively low-key, they do not promote. This is the commonality of all Ningbo entrepreneurs. "In fact, no matter which industry is developed, it is impossible to ignore the cooperation with propaganda. Zheng Fei does not admit that Sun and Solar are behind Suntech and Yingli. He said: "Cannot say that solar energy in Japan is behind Suntech, we are only on the scale. It was dropped. With no technical investment, we are no less than them. At present, the industry has said that Yingli is using silane to refine crystalline silicon. In fact, we are using this method half a year earlier than them. The industry doesn't know about this, it's because we are low-key. Although Suntech’s investment in solar technology is no less than Suntech and Yingli, last year, Suntech’s production reached 27.2 GW, and Yingli’s annual production capacity has exceeded one GW (Note: 1 GW = 1000 MW) The solar energy production capacity of Japan Solar is only 350 megawatts, and this year plans to expand production capacity to 650 megawatts. Even if this goal can be achieved quickly, it still raises doubts about the input-output ratio of solar energy in the solar field. When the solar energy production capacity, Ren Fengbo said: "Being backward or not can't just look at the production capacity, but also depends on the internal product structure. "And for the internal product structure of solar energy, whether it is better than its peers, Ren Fengbo did not answer. For Yingli's "Panda Project" and Suntech's "Pluto Project", Zheng Fei said that they have a "Mars" to improve battery conversion efficiency. "The plan." He made an image metaphor: "In order to improve the efficiency of solar energy conversion, the solar energy of the solar field made a grid line on the surface of the panel of the solar panel. The grid line is like the command in the army, and the electrons displaced by the sunlight. The unified pace is guided. Otherwise, not only the electrical energy of individual electrons will cause waste, but also the electrons behind it will be blocked. "However, in terms of production capacity, although solar energy does not recognize backwardness, the gap between them and Suntech and Yingli is still obvious." And this gap will inevitably lead to derivative reactions, such as the financing effect of the capital market, policy support and attention, which will adversely affect solar energy in Japan and Japan. An industry insider said. However, Zheng Fei’s decline in market share emphasizes objective reasons. “Now big photovoltaic companies are doing power stations, and a power station has brought up market share. At present, domestic power stations are generally monopolized by the State Power Corporation. Some state power companies are reluctant to make renewable energy power stations themselves. Therefore, they are allowed to do so through bidding. Many of these companies have vicious competition and they are losing money. He added: "Our company does not make money at a loss. Ningbo people never make a loss." Contrary to this, the above-mentioned China Photovoltaic Industry Alliance experts told this magazine, "From a national perspective, there are many large-scale photovoltaic enterprises in Jiangsu, and most of the Zhejiang area is a small-scale photovoltaic enterprise. Ningbo Solar is already a Special case. This is related to the speculative psychology of small and medium-sized enterprises in Zhejiang. He also revealed that Zhejiang's hot money has recently entered the field of solar thermal power generation. According to media reports, Kaihua County in Zhejiang has squeezed into dozens of silicon materials and their supporting enterprises. Such investment behavior is in full compliance with Zhejiang capital. Sensitive and greedy, but will this be the same as the real estate bubble night? Zheng Fei is very confident, he said: "This problem is not so simple. Losing money and earning money will disrupt the economic order of the industry. If this is the case, then I will scream for a free price when bidding. If a company can survive with such a business, what if it is 10?" He imagined two or three years later. At that time, the thermal power will become more and more expensive, and the photovoltaic will become cheaper and cheaper, and the market of the photovoltaic industry will be infinite. However, he added: "Because the various departments in our country are serious, A set of viable photoelectric access policies has not been formed. China's wind power and photovoltaics are called garbage electricity because of their instability. The wind power generated by Xinjiang cannot be used locally, but it cannot be transported to the eastern part of the power shortage. The 2 billion yuan order came to an accident. At the end of last year, Nippon Solar received a solar energy order worth up to 2 billion yuan from Germany, which will be implemented in phases this year. The main shareholder of Nippori Solar Co., Ltd. Ningbo Electronic Information Group invested in operations. Director of the Department and Director of the Semiconductor Lighting Association of Ningbo Electronics Industry Association Ren Fengbo said: "Hidland Solar has received a large order of 2 billion yuan? I did not get the news. In the interview, it was learned that the experts in the industry specializing in photovoltaic enterprises and the relevant responsible persons of Suntech, Yingli, Tianhe and other enterprises all said that they did not know the order. This order came from a mystery. This mysterious order made the day The company is happy and worried. The happy thing is that there is finally a big business coming out. The worry is that the company's production capacity may not be enough to execute the order, and the expansion of production capacity must be used to alleviate the shortage of supply. For the solar energy listing plan, the above-mentioned China Experts from the Photovoltaic Industry Alliance said, “Many companies say that their products are in short supply. In fact, this is a strategy for domestic companies to stabilize the confidence of customers and investors. As long as the products leave the factory, the company counts it into shipments, and the whole world thinks that China's PV industry must expand its production capacity. In fact, many products are stranded in the port and are not sold at all. In the first half of this year, domestic PV companies have already felt. To the European market, the cold wind is blowing in the face. A person in charge of the Chende Group said: "The harsh winter of the photovoltaic industry has arrived. It is not easy to say when it will end. Whoever has survived this winter will have spring. "The situation in the first half of the year is not very good." The entire international market is now unclear, because foreign policies are being adjusted, and all PV industries are waiting for policies to fall. "Ren Fengbo explained the reasons for this cold current attack. Li Shengmao, a senior researcher at China Investment Consulting, said that Germany's additional reduction plan for the abolition of photovoltaic power grid subsidies, and some other measures that may be introduced next, are unlikely to stimulate German PV. The installed capacity has been significantly improved. Relevant companies should not expect too much. They must take time to adjust the sales market. Therefore, some industry experts said that it is risky for solar energy to expand production capacity during this period. Everyone is expanding production. There are so many markets that absorb so much capacity. Some companies in Jiangsu and Zhejiang have already had emptying rates and inventory pressures are getting bigger and bigger. "This will be an industry reshuffle. The expert said that the international market not only requires the price of photovoltaic products to fall, but also the demand for quality. "Many photovoltaic companies have introduced a 10-year warranty and a 25-year warranty on quality. Generally, small businesses cannot do it. Only those companies that have a brand effect and have stable sales channels can live better. Ningbo Solar is an established company, but its performance in the market is not flattering. The expert also said that overcapacity is a very sensitive topic in the industry. But objectively speaking, there has been a period of overcapacity this year. Expanding production capacity may mean more inventory and losses. Not expanding production capacity means lowering overall competitiveness, and may be defeated in price wars. Faster. Solar energy in the sun and the sky are in dire stagnation. However, in this situation, solar energy in Japan and Japan are still setting aside the scale. The solar energy is starting to build the “Ningbo Solar PV Industrial Park” in Ningbo Development Zone. 1000 MW, estimated to invest billions of dollars, the goal is directed at the top three global PV companies. Is solar energy so bloody, is it really a development need or a desperate? The history of the road along the younger generation will never repeat, but often Amazingly similar. Like Shi Zhengrong, Zhou Jianhong also opened the chariot a few years later. At the Photovoltaic Exhibition in Munich, Germany. The German Photovoltaic Exhibition in Munich is the largest solar professional exhibition in Europe and even in the world. At that time, Shi Zhengrong had no hope in the domestic market, and employees even had to exchange equipment for a difficult period. It was the German Photovoltaic Exhibition that ushered him. The first dawn of the "Heroes of the Day" also laid a solid step for Suntech to enter the New York Stock Exchange. Zhou Jianhong hopes that solar energy in the sun will be good luck at the PV show like Suntech. However, his footsteps are better than When Shi Jianhong arrived in Munich, he immediately flew to Bremen without stopping. From the airport, he needed to take a subway, and the subway was a big billboard. After seeing his own signboard, Zhou Jianhong’s gratification and pride were overwhelming. Then he drank coffee with German Foreign Minister Fisher, and then they visited the Weser Stadium. He was not on holiday, he was along this time. In the footsteps of another "photovoltaic industry", Miao Liansheng, he embarked on sponsored sports. . The way things Zheng Fei said: "Yingli sponsor the World Cup, did a good thing for the entire solar industry. So we also sponsored the Werder Bremen team in Germany. In April of this year, the solar energy and the Werder Bremen team signed a sponsorship contract. Next season, solar energy will become the official sponsor of Werder Bremen. This also allows Zheng Fei and the entire solar energy. The company is excited. However, let's take a look at Werder Bremen's total score in the last quarter: 13th, did not enter the European League. This year, Werder Bremen also has no transfer of heavyweight players, next season Whether you can enter the European League hopes. Even if Werder Bremen enters the Champions League, its influence and Yingli sponsored the World Cup is a different thing. Even if the Sun Yat-Sen brand goes out, its impact on customers is quite Limited. A management of Suntech Power said that Suntech will not invest in sports events because the sales path of solar modules is based on B2B (business-to-business marketing relationship), while the audience of sports events are basically Ordinary consumers. Even if they sell through B2C mode, end consumers will tend to buy products through the recommendation of local distributors instead of watching Therefore, brand promotion is basically in the form of industry magazines or industry exhibitions and seminars, so that regional distributors and upstream and downstream enterprises can understand the company. In fact, the industry has been questioning whether PV companies are suitable for sponsoring sports events. The company's decision makers are not fans, and the purchasing decisions of battery products involve multiple levels of procurement, engineering, decision-making, etc., unlike the purchase of fast-moving consumer goods such as Coca-Cola and McDonald's, so the purchase behavior will not be like buying fast. Therefore, many experts believe that the sponsorship of solar energy in Japan and Japan is not wise enough. In addition to spending money to earn some attention, it is difficult to help the market. Simply copying the behavior of star companies may not be completely good. Shi Zhengrong, an industrial idol, has stepped down from the altar and tried to squeeze into the photovoltaic companies of the listed trains like Sun and Solar. However, in addition to better use of capital leverage, it is more important to use advanced technology. Arm yourself. "This is the long-term way. An industry insider said. Under the low-key Ningbo solar energy, watching the infinite scenery of the younger generation, they can't stand the loneliness. I want to be the four veterans of the year, and how many people are still alive? The sun and the earth are lost. In the society of photovoltaic enterprises who can stand for centuries?

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