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. This time, it is close to the market. Is China's first PV company really going to go public? The equity entanglement between Bird and Ningbo Electronics has enabled 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 The same, my heart is awkward 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 new energy concept, is the photovoltaic industry bad? Is it not a question of money, what is it? "In the complex expressions of envy, jealousy, etc., the tempered solar energy of the sun must have a strong heart. However, is Shi Zhengrong who has already left the altar really the only way they choose?" People said. 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, and must be listed." Zheng Fei (pseudonym) told the "China Economic and Information Technology" reporter. 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 are down on the scale, because the company failed to go public." In the last few years of the 20th century, China's securities market was still serving state-owned enterprises, and it was given the historical mission of letting state-owned enterprises turn losses into profits. Therefore, the listing at that time was not through sponsorship, but through indicator allocation. In 1998, Ningbo City 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 Electronic Industry Bureau did not give this only life-saving gimmick to the son of this root. At that time, the largest and most promising company under the management of Ningbo Electronic Industry Bureau was Bird. But Bird is a private enterprise. Without this indicator, the Electronic Industry Bureau changed its system by putting the state capital into the waveguide. In November of that year, Bird absorbed and merged two wholly-owned enterprises under the Ningbo Electronic Information Group, one is Ningbo Capacitor General Factory and the other is Ningbo Solar Energy. At that time, Ningbo solar energy sales were less than 10 million yuan, and there were only a few dozen employees. The output value of the "fighter in mobile phone" waveguide was close to 10 billion yuan. In front of an elephant-like waveguide, Ningbo solar energy is like a Only ants are as insignificant. In 2002, when the waveguide mobile phone business was in full swing, in order to concentrate on the mobile phone business, Bird transferred the 80% equity of Ningbo Solar to Ningbo Electronic Information Group for more than 10 million yuan. 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. According to insiders, just in the case of Shi Zhengrong's listing and the privatization of Suntech through the establishment of BVI, Ningbo Solar, a 100%-owned background, is also solving the problem of corporate identity and trying to get the state-owned assets out. "Ningbo Solar was planning to take the IPO road alone, and the time was no later than the 'China's first solar energy' Suntech. If it is true, the current domestic PV business pattern is definitely another way." Ningbo Electronics Industry Association The person in charge said. To this end, Ningbo Solar invited Merrill Lynch to help divest state-owned assets. Later, it coincided with the request of Ningbo City to clarify the labor relationship. Ningbo Solar Energy attempted to divest state-owned assets in the form of partial employee shareholdings by buying out labor relations. However, due to the small size of the company at the time and the shame of the company, the problem of the divestiture of state capital was not enough. The system has become a shackle locked in Ningbo Solar. At that time, it was too small to rely on its own strength to break free from bondage, and the government that was numb with nerves was even more difficult to return. As a result, Ningbo Solar Energy can only be empty-minded and dance with shackles. In 2006, the photovoltaic industry developed rapidly, and Ningbo Solar was finally not bad. The listing issue and the divestiture of state capital will once again be put on the agenda. In the same year, the new "Company Law" was promulgated, which stipulated that the actual controller would not be allowed to go public within three years after the change, and the equity change would be stranded again. On the other hand, Suntech, which was established in 2001, has successfully landed on the New York Stock Exchange under the leadership of Shi Zhengrong. Shi Zhengrong’s wealth is far beyond that of Huang Guangyu. And Rong Zhijian In one fell swoop, it became the new richest man in mainland China. At the same time, the collective sinking of domestic mobile phone manufacturers is not as good as one day. As the major shareholder of Bird, Ningbo Electronic Information Group wants to apply for new shares by another company if it does not do a good job in listing resources. Listing 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, which is undoubtedly a cold water. In fact, Ningbo solar energy listing has been in existence for a long time. This is not entirely because they lack money. "Enterprises can't develop without listing. The funds, brands, talents and management of listed companies are not comparable to those of non-listed companies." Former Ningbo solar retired executives said. Even if it is not listed, the shackles of state-owned enterprises against Ningbo solar energy have become obvious. "Business enterprises maintain the background of state-owned assets will cause unfair competition. In the market competition, enterprises are losing money. State-owned enterprises speak the level, our company is at the level. But only compare and enjoy, how can the company survive?" Zheng Fei Said, "Listing is a two-pronged move." In 2008, Ningbo Solar's profit reached 190 million yuan, and the listing seems to be a matter of course. At the time when executives planned to go public, the global financial crisis broke out, and more than 300 PV companies in China went out of business, accounting for three-quarters of the total number of domestic PV companies. The profit of Ningbo Solar also fell to 70 million yuan in the second year. "At this festival, there is no way to go public." Zheng Fei said. Of course, Ningbo Solar will not be willing to be beaten to death on the beach by the waves. On January 8, 2009, Yu Hongyi, deputy mayor of Ningbo City, took the leadership of seven departments including the Municipal Bureau of Land and Resources, the Municipal Construction Committee, the Municipal Electric Power Bureau and the High-tech Industrial Zone to work at Ningbo Solar. For the difficulties and problems of Ningbo Capital's “120MW high-efficiency solar cell and module industrialization projectâ€, the company has solved problems such as capital verification, power supply and land bidding. The female mayor is precisely the former general manager of Ningbo Industrial Information Bureau, the former general manager of Nippon Electronic Information Group, the major shareholder of Nippori Solar. On November 19, 2010, Ningbo Solar changed its name to Sun and Solar Energy through a total change, with a registered capital of 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. They are either sullen and hard-working, or they have problems, and they dare not speak." He believes that the silence of solar energy 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, we have to do a century-old store." Wang Shijiang, China PV Industry Alliance Secretariat said: "The price-earnings ratio of Chinese PV companies listed in the US is low. At 10, the lowest is 1.6, and 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 solar energy is not that Zheng Fei’s listing is frustrated, but should be brain drain. At the beginning of this year, the Emei Semiconductor Materials Factory, which has followed the 46-year old state-owned enterprise system, was taken as an example by the Dongfang Electric Group.†According to industry insiders, for the latecomers of the photovoltaic industry, whether it is state-owned or private enterprises, Ningbo Solar is their only Some references. Especially in the tide of the market economy, it will delay the fighters in the last minute. It is better to take weapons from other people than the bare hands, even though the weapons are a bit rough. Are there any backwards? Ningbo Solar's predecessor, Ningbo Silicon Material Factory, was founded in 1966. It also has Yunnan Semiconductor Device Factory, Henan Kaifeng Solar Battery Factory and Hebei Qinhuangdao Huamei Photovoltaic Electronics. They are recognized as the “four major elders of domestic PVâ€. ". 12 years later, in 1978, this small factory was renamed Ningbo Solar Power Plant and really started to specialize in solar cell production. This is the first in China. That year, Shi Zhengrong, who was hailed as “Big Gates in the photovoltaic industryâ€, was only 15 years old. Chen Yitong, the current head of the wind power expert group of the Inner Mongolia Development and Reform Commission, said: "In 1989, the solar power installations installed for 24 herders came 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 worry-free life. In 2000, Zhou Jianhong, director of the Electronic Industry Bureau (now Ningbo Electronic Information Group), came to Ningbo Solar. At this time, Ningbo Solar ranked first in the country both in terms of scale and output. That is their happy time. Even so, Ningbo Solar's production capacity is only 5 megawatts. "But we can spend a lot of money. Now the solar power generation cost of solar energy 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 The standards are all assisted by Ningbo Solar. However, the biggest market demand is still at the level of civilian consumption. Therefore, in 2005, Wuxi Suntech quickly overshadowed the momentum of Ningbo Solar. In 2006, after the black horse of Suntech landed on the New York Stock Exchange, it was difficult to hear the sound from Ningbo Solar. "The key to Suntech's doing well is that they have taken advantage of 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 get money, but the rhythm is really flattering," said an industry expert familiar with them. Until November 19, 2010, the company was renamed again, changed from Ningbo Solar Power Co., Ltd. to Solar Energy. In fact, the company's move is to use the well-known products to grasp the outside world's vision - the company that once occupied 80% of the country's market share is the Sun-brand silicon solar battery components. "You said that Ningbo Solar's people don't know, you know the Japanese brand, this industry knows." Zheng Fei said. In the electronics industry, power supplies represent weak electricity and electricity represents strong electricity. Nowadays, the photovoltaic company called the power supply is basically doing the navigation light and the base station, which is a small trouble in the eyes of solar energy. Sun and Earth Solar will be a large power station. In the eyes of outsiders, the rise and fall of solar energy in Japan and 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." But in fact, no matter which industry development can not ignore the cooperation with propaganda. Zheng Fei also does not admit that Sun Solar is behind Suntech and Yingli. He said: "We can't say that solar energy in Japan is behind Suntech. We are only being scaled down. We don't have less technical investment. They are all in the industry. It is said that Yingli is using silane to refine crystalline silicon. In fact, we are using this method half a year earlier than they are. The industry does not know this thing, it is because we are low-key." Although, the investment in solar technology is not better than Suntech. However, Yingde’s production reached 27.2 GW last year, Yingli’s annual production capacity has exceeded one GW (note: 1 GW = 1000 MW), and solar energy production capacity of Japan Solar is only 350 MW. It plans to expand production capacity to 650 MW. 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 reporter of China Economics and Informatization questioned the production capacity of solar energy in Japan, Ren Fengbo said: "The backwardness or not can't just look at the production capacity, but also depends on the internal product structure of the enterprise." Whether it is better than his peers, Ren Fengbo did not answer. For Yingli's "Panda Project" and Suntech's "Pluto Project", Zheng Fei said that they have a "Mars Plan" to improve battery conversion efficiency. He made an image metaphor: "In order to improve the efficiency of solar energy conversion, Nippon Solar has made a grid line on the surface of the panel of the solar panel. The grid line is like the commander in the army, guiding the electrons displaced by the sun. Otherwise, not only the electrical energy of individual electrons will cause waste, but also the electronic 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 obvious. And this gap will inevitably lead to derivative reactions, such as the financing effect of capital markets, policy support and attention, which will adversely affect solar energy in Japan and the world," an industry source said. However, Zheng Fei’s decline in market share emphasizes objective reasons. "Now the big photovoltaic companies are doing power stations, and one power station will bring up the market share. At present, the domestic power stations are generally monopolized by the state power company, and some national power companies are reluctant to do their own renewable energy power stations, so they have passed the bidding. Let the photovoltaic enterprises do it, and many of them have vicious competition and they will lose money.†He added: “Our company does not make money at a loss. Ningbo people never make a loss.†Contrary to the above, Experts from the China Photovoltaic Industry Alliance told this magazine: “From a national perspective, there are many large-scale PV companies in Jiangsu, and most of them are small-scale PV companies in Zhejiang. Ningbo Solar is a special case. The speculative psychology is related.†He also revealed that the recent hot money in Zhejiang has signs of flooding into 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. This kind of investment behavior is completely in line with the sharpness and greed of Zhejiang Capital. However, will this be the same as real estate speculation? Zheng Fei is very confident. He said: "This problem is not so simple. Losing money and losing money will disrupt the economic order of the industry. If this is the case, then I will scream for free prices when bidding. Enterprises can survive if they do a single business. If you do 10 single?" He imagined that after two to three years, the photovoltaic and fire power are in line. By that time, thermal power will become more and more expensive, and optoelectronics will become cheaper and cheaper, and the market for photovoltaic industry will be infinite. However, he added: "Because the various political departments in our country are serious, they have not formed a viable photoelectric access policy. China's wind power and photovoltaics are called garbage electricity because of instability. The wind power generated by Xinjiang cannot be used locally, but However, it was not able to be transported to the eastern part of the power shortage.†The 2 billion yuan order came to the end of last year. Sun Yat Solar received a solar order worth up to 2 billion yuan from Germany, which will be implemented in phases this year. Ren Fengbo, director of the investment and operation department of Ningbo Electronic Information Group and the director of the Semiconductor Lighting Branch of Ningbo Electronics Industry Association, said: "Hitachi Solar has received a large order of 2 billion yuan? I did not get the news." According to the interview, the experts in the industry specializing in photovoltaic enterprises and the relevant responsible persons of Suntech, Yingli, Tianhe and other companies said they did not know that there was such an order. This order came from a mystery. This mysterious order makes the Japanese company happy and worried. I am happy that finally there is a big business coming to the door. The worry is that the company's production capacity may not be enough to execute the order, and the expansion of production capacity must alleviate the shortage of supply. For the solar energy listing plan, the above-mentioned China Photovoltaic Industry Alliance experts said, “Many companies say that their products are in short supply. In fact, this is a strategy for domestic enterprises to stabilize the confidence of customers and investors. It counts it into shipments, and the whole world thinks that China's photovoltaic industry must expand its production capacity. In fact, many products are stranded in ports and are not sold at all." In the first half of this year, domestic PV companies have already felt the cold wind blowing in the European market. The person in charge of the Shangde 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 explains the reasons for this cold current invasion. Li Shengmao, a senior researcher at China Investment Consulting, said that the additional reduction plan for Germany to cancel the subsidy for PV power feed-in tariffs, and some other measures that may be introduced next, are unlikely to stimulate a significant change in the installed capacity of photovoltaics in Germany. Expectations are too high and we must hurry to adjust the sales market. Therefore, some industry experts said that Sun Yat-Sen Solar's expansion of production capacity during this time period is risky. Everyone is expanding production. How many markets have absorbed so much capacity? The short-selling rate of some enterprises in Jiangsu and Zhejiang has been zero, and the inventory pressure is 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 quality requirements. “Many PV companies have a 10-year warranty and a 25-year warranty on quality. Generally, small businesses can't 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, and expanding production capacity may mean more inventory and losses. Not expanding production capacity means that the overall competitiveness is declining, and it may be defeated in the price war. If the production is stopped, it will die faster. Solar energy in the sun and the sky. However, in this situation, the solar energy of the sun and the earth are still set to take the scale to play the scale. Nippon Solar is building a “Ningbo Solar PV Industrial Park†in Ningbo Development Zone with a capacity of 1,000 megawatts and an estimated investment of several billion yuan. The target is the top three global PV companies. Is solar energy under the solar energy of the sun, is it really a development need or a desperate? The history of the road along the younger generation will never repeat, but it is often strikingly similar. Like Shi Zhengrong, a few years later, Zhou Jianhong also drove the chariot to the photovoltaic exhibition in Munich, Germany. The Munich Photovoltaic Exhibition 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 in the first dawn of the “Heroes of the Day†and laid a solid foundation for the future of Suntech’s entry into the NYSE. step. Zhou Jianhong expects that solar energy in the world will be good luck at the photovoltaic exhibition like Suntech. However, his footsteps are much heavier than Shi Zhengrong. After Zhou Jianhong arrived in Munich, he immediately flew to Bremen without stopping. From the airport, you need to take a subway, and the subway is a big billboard. The name of solar energy is awesome. Seeing his own signboard in a foreign land, Zhou Jianhong’s gratification and pride are beyond words. Later, he drank coffee with German Foreign Minister Fisher, after which they visited the Weser Stadium. He is not on vacation, he is following the footsteps of another "photovoltaic industry" Miao Liansheng, and embarked on the road to sponsor sports events. Zheng Fei said: "Yingli sponsored the World Cup and did a good job for the entire solar industry. So we also sponsored the German Werder Bremen team." In April this year, the solar energy and the Werder Bremen team signed Sponsorship contract, next season, solar energy will become the official sponsor of Werder Bremen. This also makes Zheng Fei and the entire solar power company excited. However, let's take a look at Werder Bremen's total score in the previous quarter: 13th, did not enter the European League. This year, Werder Bremen also has no transfer of heavyweight players, and hopes to enter the European League next season. Even if Werder Bremen enters the Champions League, its influence and Yingli's sponsorship of the World Cup are also different. And 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), and the audience of sports events are basically ordinary consumers. Even if sold through the B2C model, end consumers will tend to buy products through the recommendations of local distributors rather than brands. 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. Because many companies' decision makers are not fans, and the purchase decision of battery products involves multiple levels of procurement, engineering, decision-making, etc., unlike the purchase of fast-moving consumer goods such as Coca-Cola and McDonald's, the purchase behavior will not be like buying. Fast-moving products are so 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 a star business behavior may not be entirely good. On the one hand, Shi Zhengrong, who is an idol of the photovoltaic industry, 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 their better use of capital leverage, it is more important to arm themselves with advanced technology. "This is the long-term way." An industry insider said.
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