Jing Ao Solar Energy is the Fastest Regression of China Concept Stock
On the night of July 23, 2018, Tianye Tonglian issued an announcement "Qinhuangdao Tianye Tonglian Heavy Industry Co., Ltd. Announcement on Signing the Intention Agreement for Significant Asset Restructuring", said that on July 19, 2018, Qinhuangdao Tianye Tonglian Heavy Industry Co., Ltd. and The actual controller of JA Solar Co., Ltd. signed the “Important Assets Intention Agreement” to reach a cooperation intention for the company to purchase 100% equity of JA Solar by issuing shares.
After the reorganization, the actual controller of the listed company will change, from [He Zhiping] to [靳保芳]. This restructuring will constitute a backdoor listing.
Just five days ago, on July 17, 2018, JA Solar just officially delisted from the NASDAQ Stock Exchange, ending its 11-, 5-, and 10-day US stock career.
Non-stop, once again landed in the capital market
From the official delisting of Nasdaq in the United States to the signing of a major asset restructuring intention agreement, in just five days, the determination and actions of JA Solar's impact on A-shares can be described as vigorous and vigorous.
It may have been waiting too long. Jingao Solar received a privatization invitation from June 2015 and officially delisted in July 2018. It has undergone a full three-year period. It is officially announced in March 2017 compared to Tianhe’s December 2015 announcement of privatization. Nasdaq’s application for delisting took more than a year and a half.
The official website shows that Tianye Tonglian was founded in 2000. It is a major equipment manufacturing backbone enterprise integrating R&D, design, manufacturing, installation and sales services. It was successfully listed on August 10, 2010. According to its 2017 financial report, Tianyetonglian's operating income in 2017 was approximately 357 million yuan, and the net profit attributable to shareholders of listed companies was approximately RMB 22 million. The non-recurring gains and losses were deducted from shareholders of listed companies. The net profit is about -824.63 million yuan.
Finding the right reorganization object to go public, without queuing for IPOs, such a reorganization plan is not too unexpected. The industry also generally believes that after the privatization of JA Solar, the best choice is to return to A shares. If it successfully landed in A-shares, JA Solar will be the first PV company to successfully enter A-share after the US stocks are delisted.
But on July 22, the day before Tianye Tonglian released the reorganization announcement, the "Securities Daily" reporter also learned from the relevant personnel of Jingao, that in line with the public statement in December last year, JA Solar did not currently have domestic Listing plan. Jingao’s confidential work is really the ultimate.
Attached to December 2017 to clarify the news:
On December 2, 2017, JA Solar issued a statement saying that the company has no plans for domestic listing. JA Solar and its affiliates have not issued notices, announcements or internal news on the issue of re-listing. Etc., it will not implement the public fundraising in the name of re-listing. Any act of raising funds from the return of the listing of JA Solar Co., Ltd., all of which are owned or licensed by Amorphous Solar Co., Ltd. and Jinglong Industrial Group Co., Ltd., the act of raising funds is suspected of illegal fund-raising fraud, please the general public Do not be deceived.
Old friends, US stocks return, we see A shares.
11 years ago, JA Solar was listed on the NASDAQ and raised $1 billion. The company has grown rapidly. According to the official website, JA Solar currently has 11 production bases and 27 branches around the world, with product footprints in more than 100 countries and regions.
Although the Nasdaq market has laid an important foundation for the growth of JA Solar, compared with the A-share market in recent years, it has not provided equal competition to a number of Chinese stocks including JA Solar. opportunity.
Before the delisting, the total market value of JA Solar was US$ 351 million (about 2.4 billion RMB), and the market value of several other Chinese PV companies was less than US$1 billion. On the other hand, even if the PV sector is affected by the market environment and policy risks, the market value of Dongfang Risheng and Aikang Technology is about 10 billion yuan.
Jingao Solar’s real-control person, Bao Baofang, once said: “Now, our brand has no financing function in the United States, but JA Solar is still the best operating company in China among the first listed companies in the United States.” Perhaps it is the reason for the return of JA Solar.
More than 10 years ago, Chinese PV companies went to the United States to go public, and now the tides have receded. Apart from Jinke Energy, Sunshine Sunshine, and new energy, they have basically chosen to return.
Another Tianhua Sunshine listed in the US was established overseas in 2005. It specializes in global development, investment, construction, operation and maintenance and asset management of new energy power assets. It was listed on the NASDAQ Main Board in November 2014. Photovoltaic business. However, on the domestic media website, there is little news. It is understood that in January 2017, many people close to Tianhua Sunshine Executives learned that Tianhua Sunshine is considering privatization. "I still want to go public after the privatization of US stocks." However, the news was not officially confirmed by Tianhua Sunshine.
Qi Baofang believes that the future of the photovoltaic industry, challenges and competition is getting stronger and stronger, "the future competition will become more and more fierce and more and more cruel." China's photovoltaic is concentrated in large enterprises, after fierce competition, not much longer Time, eventually the photovoltaic giants will be no more than seven or eight. From the perspective of industry economy, PV should be one of the best industries in the world. Because the industry is good, the whole world is robbing. It should be said that foreigners can't grab Chinese people in this respect. Chinese and Chinese people fight for their own family. The big fish eat small fish, the strong wins."
In the end, the home of the competition will also shift from abroad to the country. Those strong competitors are also old friends who have experienced photovoltaic winters several times. Today, JA Solar is actively seeking change, and hopes to reshape its competitiveness by leveraging capital. When several kings return, it is foreseeable that the PV sector of A shares will start to be lively.