Government entry to save the photovoltaic industry or just temporary "tonic"

[Source: "High-tech new industry" November issue Yang Yi]

In mid-October, Suntech Power (NY S ES TP) and LDK (NYS EL DK) reported that the relevant departments of Wuxi City and Xinyu City are coordinating resources to help the two major PV giants out of the predicament.

In late October, there were rumors that Dongying Photovoltaic Solar Co., Ltd. (hereinafter referred to as “Dongying Photovoltaic”), which was listed on the GEM of the European Stock Exchange, had transferred 51% of its shares to the Dongying SASAC.

The help of local governments and the entry of state-owned PV industry can completely save the Chinese PV industry, or just a temporary “tonic”.

Government entry

A number of local governments and related institutions in Dongying told the "New Industry" that there is no news of state capital entering the shareholder's camp.

An insider of the Dongying City Economic and Information Committee revealed that the relevant departments of the Dongying Municipal Government are mainly coordinating with financial institutions such as banks, and hope to give more support to Dongying PV manufacturers. The possibility of state capital entering the shareholder PV company is very small.

It is reported that the photovoltaic industry started late in Dongying, and currently there are less than 10 PV manufacturers. Dongying Photovoltaic is the largest PV company in the region.

Dongying Photovoltaic 2011 annual report shows that its revenue in 2011 was 212 million euros, down 18% year-on-year, operating profit was 27.1 million euros, a slight decrease from the previous year, and the annual net profit was a loss.

The senior executives of Dongying Photovoltaic refused to respond to the news of the state-owned shares, and there was no announcement on the company's website regarding the shareholding of new shareholders.

However, the national capital into the game LDK is in progress.

On October 19th, LDK and Jiangxi Hengrui New Energy Co., Ltd. (hereinafter referred to as “Hengrui”) signed an equity purchase agreement. Hengrui will purchase 19.9% ​​of LDK LDK at a price of US$0.86 per share.

Hengrui is jointly invested by Beijing Henderson Weiye Investment Development Co., Ltd. and Xinyu City State-owned Assets Management Co., Ltd., with shareholding ratios of 60% and 40% respectively. The production base of LDK is mainly located in Xinyu City.

At present, LDK has a total of 65 institutional shareholders. This part of the institutional shareholder accounts for about 12% of its external shareholder, holding a total of 15.467 million shares, valued at 10.98 million US dollars.

Judging from the shareholding ratio of Hengrui Company and the total share capital of DK K134 million shares, Hengrui will hold a total of 26.66 million shares of LDK shares, with an investment of USD 22.93 million, which will be transformed into Savi L DK's largest institutional shareholder. After the conversion, the amount of state-owned shares was about 9.17 million US dollars, because the actual share price of LDK purchased by Hengrui was 10% higher than the actual stock price of LDK.

According to public information, LDK's existing five major institutional shareholders are Morgan Stanley, Goldman Sachs and JP Morgan, and the largest company holding Savi L LDK shares Morgan Stanley holds 5.28 million shares.

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