A quarterly report announced that the photovoltaic industry as a whole fell. "I have seen it so badly, I have never seen such a miserable thing." For some time, under the shadow of high debt ratio, broken capital chain and high-level rush, the integration of the photovoltaic industry has become more and more turbulent, pushing the whole industry further. To the edge of falling apart. Recently, PV companies have been affected again. Several PV companies that sprint IPOs have been requested by the China Securities Regulatory Commission to terminate the review. After the rejection of six PV companies in the first half of this year, the number of PV companies that have been terminated for review has reached 9 respectively, involving the PV industry chain. The enterprises in all aspects, the photovoltaic industry once sought after by the capital market, suddenly felt the feeling of being abandoned. Who is questioned for redemption? The development prospects of the photovoltaic industry have long been the consensus of the industry, but the photovoltaic industry is still immature, the development of the industry is still unable to completely get rid of the support of relevant policies and funds, and investors' investment awareness in the photovoltaic industry needs to be improved. Under this situation, the contradiction between the financing of photovoltaic industry and the scarcity of financing channels for PV companies is more prominent. Listing has become one of the most practical and effective financing methods for PV companies. “Most PV companies hope to be listed at home and abroad to obtain financial support. However, when the PV industry is in a trough, how to use the funds raised after the listing of PV companies will not only cause investors to question, but also cause the securities regulator. The attention of the meeting." Semi China senior industry analyst Yan Ming said in an interview. According to Yu Ming, at present, the financing channels of PV companies mainly include bank loans, stock issuance, and private capital operations. In the case of a poor overall macroeconomic situation, the risk awareness of several major domestic banks has been strengthened, and the possibility of PV companies wanting to lend money from banks has been negligible; while another fundraising channel, private capital operations have not been legally It is very restrictive and easy to operate, and it is the only choice for small and medium-sized private enterprises. Many companies are also happy with it. However, the CSRC has realized that although there are many PV companies that declare IPOs at this stage, it does not mean that the PV industry is in a stage of good development. Instead, some companies have the suspicion of self-salvation through the stock market. “Some PV companies that strive to go public want to raise funds from the stock market to save their own companies. When the government does not see the future performance of these companies or the expectations that products will bring returns to investors, it is reasonable for companies to end their review. In the middle," said Yu Ming. Industry lows non-issue IPO good timing Solarbuzz senior industry analyst Lian Rui said in an interview: "When a general company issues an IPO, financing is mainly used for new projects developed by enterprises. But the financial reports of domestic and foreign PV companies are displayed. The industry is in the current stage of overcapacity and industry downturn. From the perspective of investors and the rationality and return of the project, this is not the best time for enterprises to carry out IPO.†Lian Rui said that the current PV industry itself looks promising. It is indeed very big. The country’s “12th Five-Year†PV target is once again adjusted upwards to 21 GW. SOLARBUZZ also conservatively predicts that the domestic target will exceed 30 GW in 2015, but at this stage, there is a serious excess of PV capacity, and the market itself needs to have A digestive process of dynamic balance of supply and demand, "the industry situation is still very uncertain, and the market is difficult to improve in the short term." Lian Rui said. “The situation is very bad.†CATEC Energy and Electric Power Director Cao Yu said in an interview to introduce the IPO status of new energy companies in the past six months. He said: "From the first half of the year to now, the IPO situation of new energy companies in the fields of wind power, photovoltaics and biomass is very bad." Cao Yu analyzed that IPOs of new energy companies are mainly blocked in three aspects. He said: "From the end of 2010 to Now, the market is more cautious and negative about the new energy. In the macro market environment where the macro market environment is not good, the overseas market environment is bad, and the domestic economic operation is not optimistic, investors are more willing to hold the currency instead of holding the shares. It is considered that it is a new energy enterprise with overcapacity, and it is difficult for enterprises to obtain full subscription in the capital market. Secondly, new energy sources such as overcapacity and low-price competition are concentrated in the industry. Third, the CSRC And the supervision level has strengthened the review of new-listed companies.†The government supervision review is more strict. Cao Yu introduced that the CSRC’s requirements for enterprises are more stringent. It is difficult to reproduce the IPO phenomenon of 7-8 enterprises within one week. . At the time of reviewing the company's prospectus, the CRIC proposed a number of sharp industry issues that require companies to answer, such as “How to deal with the company in the stage of overcapacity†and “How to maintain the core competitiveness of the companyâ€. “If the company is unable to answer these industry questions, or if the answer is not satisfactory to the audit committee, the IPO of the company will face the result of the termination of the review.†Cao Yu said, “At the same time, the audit committee has some potential structural risks to the company. Be wary. The main reason for the first rejection of Xi'an Longji in 2011 was that more than 50% of the company's supply was for Suntech. The over-sales of large customers caused the structural risk of the company to be too large, and it will not start until one year later. Cao Yu said that the continuous review of several new energy companies will have a huge impact on the ongoing IPOs of other new energy companies. This is mainly due to the poor perception of market investors, once there is relatively negative news, directly It has affected its investment behavior in the industry. "All company IPOs are in the momentum of speculation. When the industry is in good momentum, the price-earnings ratio can be high, but when the industry momentum goes down, the attractiveness of the industry to investment will be greatly reduced. Cao Yu suggested that if the enterprise adjusts and upgrades its position, changing some strategic directions and ideas can change the unfavorable situation. "After all, the story is well spoken and directly affects people's acceptance." Cao Yu said. State-owned enterprises will not easily take over in the interview. The way out for PV enterprises is always a problem. In this regard, Yu Ming specifically mentioned that it is difficult to see the way out for private enterprises in the future. In the past year and a half, the phenomenon of “national advancement and retreat†in other industries will be extended to photovoltaic enterprises. Yu Ming believes that “national advancement and retreat†is not only related to the funds and management of state-owned enterprises, but also the mentality of private entrepreneurs. It is also very relevant. "Many private entrepreneurs who made money in the past few years and are now losing money have the requirement to get rid of the dilemma. The case of future national advancement and retreat will be inevitable. "Ming Ming said. This is not the same as that held by Lian Rui. Lian Rui said that the current signs of "national advancement and retreat" are not obvious in the photovoltaic industry, especially in the manufacturing sector of the photovoltaic industry. Under good circumstances, state-owned enterprises will not choose to intervene easily. "The bottom pick is good, but when it is the bottom, it is hard to say. "Lian Rui said.
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