The world's largest polysilicon project equity regenerative change GCL to transfer 20% stake in Central shares

The shareholding structure of the world's largest polysilicon project has changed again. On the evening of November 28th, Tianjin Guoqi Zhonghuan announced that according to the development plan and strategic layout of the company and its partners, the solar energy industry will have a 20% stake in Xinjiang GCL (investing 300 million yuan, accounting for 300 million yuan). The registered capital is 20%), transferred to Zhonghuan shares according to law, and Zhonghuan shares agreed to accept the equity of Zhongneng Silicon. Xinjiang GCL is Xinjiang Xiexin New Energy Materials Technology Co., Ltd., which is the construction unit of Xinjiang Polysilicon Project, the largest new energy enterprise in China. In April of this year, GCL-Poly, a subsidiary of GCL Group, announced the production of a polysilicon plant project with a scale of 60,000 tons in Xinjiang. The total investment budget for the project is RMB 5.7 billion. At present, the top three global polysilicon production capacity is: GCL-Poly, 70,000 tons; Germany WACKER, 60,000 tons; South Korea OCI, with an annual production capacity of 50,000 tons. The planned production capacity of 60,000 tons in Xinjiang is equivalent to the rebuilding of a WACKER by GCL-Poly, which was then called the world's largest polysilicon project. As of April 1, 2017, Xinjiang GCL's total assets were RMB 25,786,200, total liabilities were RMB 6,181,800, and net assets were RMB 19,865,300; Xinjiang GCL's operating income from January 1 to April 1, 2017 was 0. Ten thousand yuan, the net profit is -31,470 yuan. At present, the upstream area of ​​photovoltaics continues to prosper, and leading companies are competing to expand production capacity. In March of this year, Tongwei shares announced that it plans to invest in the construction of 50,000 tons of high-purity polysilicon and supporting new energy projects in Wutongqiao District of Leshan City. In August this year, Tongwei Co., Ltd. announced that it plans to invest in the construction of 50,000 tons of high-purity crystalline silicon and supporting new energy projects in Kundulun District, Baotou City, Inner Mongolia. The investment amount of the two polysilicon projects reached 8 billion yuan. Leading companies are optimistic about the market outlook. When referring to the investment return period, Yan Hu, vice chairman of Tongwei Co., told the Beijing News reporter that according to the market average price of 90,000 yuan, the investment of two new 50,000 tons of new projects was recovered in three and a half years. At the current price of 150,000, it will be recovered in one year. "Do you say that you are rushing in? Don't take it." In terms of Xinjiang GCL, the current project has made great progress. The first 20,000-ton line will be put into production in mid-2017, and another 20,000-ton line will be put into production in the third quarter. After the full capacity release at the end of next year, GCL-Polysilicon Production capacity will reach 115,000 tons. At the same time of large-scale investment, how leading companies such as GCL and Tongwei have been receiving attention from outsiders. The fundraising plan disclosed by Yan Hu to the Beijing News reporter includes: In terms of profit, the company is expected to receive a profit of 2 billion yuan this year, 3 billion yuan next year, 5 billion yuan in the next year, plus 12 billion in depreciated cash flow. On this basis, the company can issue bonds. Now the company's debt ratio is only about 40%, convertible bond corporate bonds can be issued 5 billion yuan, and the middle vote is 5 billion yuan. Short-term and ultra-short-term can also be issued. The financing of the GCL Xinjiang project is different, and it has won the support of the “national team” funds. According to the announcement of GCL-Poly in October, Xinjiang GCL and Xinxin Finance Leasing Co., Ltd. intend to cooperate on the financing lease arrangement: Xinjiang GCL will assign the seller and assets at its sole discretion, and Xinxin Financial Leasing will purchase assets from the designated seller. The total consideration does not exceed RMB 1 billion. Second, after the acquisition of the designated assets, Xinxin Financial Leasing (as the lessor) will lease assets to Xinjiang GCL (as the lessee); third, at the expiration of the lease, Xinxin The finance lease will transfer all rights to the assets acquired by Xinxin Finance Leasing to Xinjiang GCL. Founded in 2015, Xinxin Financial Leasing is a national integrated circuit industry investment fund known as the National “Big Fund”. It is currently the only financial leasing company in China focusing on the integrated circuit industry. The shareholding in Xinjiang, which is added to Xinjiang GCL, is a listed company of Tianjin Zhonghuan Electronic Information Group Co., Ltd., a state-owned enterprise in Tianjin. According to the official website, Zhonghuan Group now has 269 state-owned, state-owned and shareholding companies (6 listed companies) and 40 foreign-funded enterprises with total assets of 94.8 billion yuan and 50,000 employees. It ranks among the top 500 Chinese companies in 2015. Ranked 34th in the top 500 manufacturing industries in China. According to the announcement in June, GCL-Poly and Central reached a share subscription agreement, in which the latter contributed RMB 150 million to acquire a 10% stake in Xinjiang GCL. After the completion of the acquisition, GCL-Poly and Central will hold Xinjiang GCL 90 respectively. %, 10% of the shares. In addition, GCL and Central completed the capital increase for Xinjiang GCL by way of subscription of shares, with a total capital increase of RMB 1.48 billion. In addition to the 150 million yuan in Tianjin Central, GCL has increased its capital by 1.33 billion yuan, including a cash increase of 1.28 billion yuan. Now, according to the latest equity arrangement, Zhonghuan intends to adjust its capital contribution to Xinjiang GCL from 150 million yuan to 450 million yuan, and the shareholding ratio will increase from 10% to 30%. At the same time, Zhongneng Silicon Industry will increase its capital from 1.33 million yuan to 1.03 million yuan, the proportion of equity was adjusted from 90% to 70%. The registered capital of Xinjiang GCL is RMB 150,000. Zhonghuan said that the adjustment of the capital contribution to the shareholding of Xinjiang GCL will better meet the company's future demand for high-purity polysilicon raw materials for single crystal rod and ingot single crystal production, further exert cost advantages and help build industry chain competition. Advantage.

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