No coincidence makes a book.
Recently two listed companies in Jiangyin City, Jiangsu Province Jiangsu Sunshine Co.Ltd(600220) ( Jiangsu Sunshine Co.Ltd(600220) . SH), Jolywood (Suzhou) Sunwatt Co.Ltd(300393) ( Jolywood (Suzhou) Sunwatt Co.Ltd(300393) . SZ) announced that they had invested heavily in silicon wafer production the two companies are registered less than 30 kilometers apart
Their entry into the silicon wafer production this time is quite thought-provoking.
Jolywood (Suzhou) Sunwatt Co.Ltd(300393) 2021 suffered huge performance losses and tight cash flow. The actual controllers Lin Jianwei and Zhang Yuzheng were eager to "run away" and failed to sell themselves for three consecutive times. This time, they will spend 10 billion on silicon wafers. Do you really want to settle down and do business in a down-to-earth manner?
"Sunshine Department" listed company Jiangsu Sunshine Co.Ltd(600220) , now depends on borrowing new debts to repay old accounts, but its main business is textile and garment but it wants to cross-border investment in photovoltaic actual controller "woolen giant" Lu Keping once invested in photovoltaic twice, cashing out hundreds of millions of yuan, violating the letter phi and "playing bad" Hairun photovoltaic, and 200000 shareholders lost their money. What will happen if Jiangsu Sunshine Co.Ltd(600220) touches photovoltaic again this time?
can't sell yourself. Do you want to do business by investing 10 billion silicon wafers
On March 15, the Jolywood (Suzhou) Sunwatt Co.Ltd(300393) disclosure announcement, which is mainly engaged in photovoltaic back film business, announced that the company plans to invest in the project with an annual output of 200000 tons of industrial silicon and 100000 tons of high-purity polysilicon, with a total investment of about 14 billion yuan.
Jolywood (Suzhou) Sunwatt Co.Ltd(300393) was established in 2008 and listed in 2014. The company is registered in huangtang Industrial Park, XuXiake Town, Jiangyin City, Jiangsu Province. The controlling shareholders and actual controllers of the company are Lin Jianwei and Zhang Yuzheng. The two persons and Suzhou Pule Investment Management Co., Ltd., which they control, are persons acting in concert.
Back film business, batteries, components and systems are the main business of the company, which contributed nearly 70% of the company's revenue in 2020P align = "center" Jolywood (Suzhou) Sunwatt Co.Ltd(300393) 2020 revenue composition p align = "center" picture source: 2020 annual report of the company
on January 26, 2022 , Jolywood (Suzhou) Sunwatt Co.Ltd(300393) released the performance forecast, which shows that company expects the net profit attributable to the parent company to be 220280 million yuan in 2021, with a profit of 97 million yuan in the same period of last year
Jolywood (Suzhou) Sunwatt Co.Ltd(300393) attributed part of the loss to the rising price of upstream silicon Jolywood (Suzhou) Sunwatt Co.Ltd(300393) said that the mainstream price of silicon material in 2021 has risen to the highest level since 2011 and reached a new high in ten years. The price of silicon materials continued to rise, which affected the sharp rise of the market price of silicon wafers, resulting in the sharp rise of the average purchase price of silicon wafers, which led to the negative annual gross profit margin of the company's high-efficiency battery and module business segment. The gross profit margin of the battery and module segment is - 4.63%P align = "center" Jolywood (Suzhou) Sunwatt Co.Ltd(300393) net profit attributable to parent p align = "center" source: choice terminal
On March 15, 2022 Jolywood (Suzhou) Sunwatt Co.Ltd(300393) couldn't sit still and said it would invest more than hundred billion in silicon wafers. However, the actual discretionary capital of this listed company is only 168 million yuan
where does the money come from
The project is planned to be invested by Jolywood (Suzhou) Sunwatt Co.Ltd(300393) or its designated subsidiary and the fund established by Taiyuan municipal government in Gujiao City, Shanxi Province to form a project company as the main body of the implementation of the project. The listed company or its designated holding subsidiary plans to hold 51% equity of the project company and the fund established by Taiyuan municipal government holds 49% equity of the project company.
The Taiyuan municipal government promises that the fund will invest in the project through equity participation in the project company, and the overall scale of the fund will not be less than 2.45 billion yuan, which is planned to be raised in two phases.
Jolywood (Suzhou) Sunwatt Co.Ltd(300393) said that the total investment of the project is about 14 billion yuan, accounting for 144% of the total assets of the audited company in 2020. Although there are industrial funds involved in this investment, and the investment funds will be invested in batches according to the project construction progress, but the company is still facing capital pressure
Shenzhen Stock Exchange pointed out that Jolywood (Suzhou) Sunwatt Co.Ltd(300393) in the semi annual report and inquiry letter of the semi annual report of 2021, it replied that the balance of monetary capital of the company was 1.789 billion yuan, including 887 million yuan of restricted monetary capital, 734 million yuan of special funds for raised investment projects, and 168 million yuan of actual discretionary capital; The short-term loan is 1.116 billion yuan, the non current liability due within one year is 796 million yuan, the long-term loan is 344 million yuan, and the asset liability ratio is 57.63%.
Accordingly, the Shenzhen stock exchange requires listed companies to specify the amount and source of funds required at each stage.
2021 has a performance loss of more than 200 million yuan, high liabilities and insufficient cash flow. It does not have the basis for huge investment. But Jolywood (Suzhou) Sunwatt Co.Ltd(300393) announced a huge investment of 14 billion yuan. Are you ready to make a big investment, or do you have a deep meaning
It must be mentioned that since 2020 the controlling shareholder of the company and actual controller Lin Jianwei and Zhang Yuzheng are eager to "run away", but they often fail to sell themselves for three times in succession
On June 18, 2020, Lin Jianwei and Zhang Yuzheng planned to transfer about 147 million shares directly held by them to Guizhou Wujiang Energy Investment Co., Ltd. After the completion of the proposed transfer transaction, the latter will become Jolywood (Suzhou) Sunwatt Co.Ltd(300393) new controlling shareholder. However, due to the final failure to reach an agreement, the two sides lifted the transfer agreement in August.
On August 9, 2020, Lin Jianwei, Zhang Yuzheng and Hangzhou Boiler Group Co.Ltd(002534) signed the Jolywood (Suzhou) Sunwatt Co.Ltd(300393) control transfer framework agreement, share transfer agreement and voting right entrustment agreement. Upon completion of the transfer, Hangzhou Boiler Group Co.Ltd(002534) will become the controlling shareholders of the listed company, and Wang Shuifu, Chen Xiaxin and Xie shuiqin will become the actual controllers of the listed company through controlling Hangzhou Boiler Group Co.Ltd(002534) by controlling .
Two months later, however, the deal was announced to have collapsed.
Less than three months after the two equity transfers failed, Lin Jianwei and Zhang Yuzheng found new buyers, but this time they could only sell part of their equity.
According to the announcement on October 20, 2020, the company plans to transfer shares accounting for 5.7% of the total share capital of the company to Taizhou Jiangyan Daode new material equity investment partnership (limited partnership) by means of private placement. The unit price of the share transfer has also been increased again to 11 yuan per share. On November 10, 2020, the limited partnership officially settled in the listed company, with a shareholding ratio of 5.7%.
The announcement shows that Taizhou Jiangyan Daode new material, the third acquirer, was established on October 16, 2020. It is a state-owned background investment platform. The major shareholder holding 50% is Shanxi Yangmei Daode new material equity investment partnership (limited partnership), and the actual controller after equity penetration is Shanxi SASAC. The second shareholder is Taizhou Sanshui investment and Development Co., Ltd., which holds 49.8%, and the actual controller after equity penetration is Taizhou SASAC.
while the actual controller is eager to sell himself, actual controller and senior management team are still madly reducing their holdings
Since 2016, the company's shareholders and members of directors, supervisors and senior executives have frequently reduced their holdings of shares of listed companies for cash out. According to the data, as of January 2021, the accumulated cash out amount reached 830 million yuan.
At the close of trading on March 18, Jolywood (Suzhou) Sunwatt Co.Ltd(300393) shares closed at 19.36 yuan / share, with a market value of 21.1 billion yuan.
two times of photovoltaic and chicken feather on the ground, and then "woolen textile giant" Lu Keping
Jolywood (Suzhou) Sunwatt Co.Ltd(300393) involved in silicon wafer production is from the middle and lower reaches of photovoltaic to the upper reaches, which is not strictly cross-border.
Unlike Jolywood (Suzhou) Sunwatt Co.Ltd(300393) , Jiangsu Sunshine Co.Ltd(600220) (SH Jiangsu Sunshine Co.Ltd(600220) ) is mainly engaged in textile and clothing, which can be regarded as a complete cross-border involvement in the photovoltaic industry.
Jiangsu Sunshine Co.Ltd(600220) is a member of the "Sunshine Department", and the actual controller is Lu Keping, the "wool textile giant" of Jiangyin City the registered address of the company is masiqiao, Xinqiao Town, Jiangyin City, Jiangsu Province . Founded in 1994 and listed in 1999, the company is a well-known wool textile enterprise in China. In addition, it also involves clothing, biomedicine, medical devices, ecological agriculture and forestry, real estate, metal products and other industries.
On March 8, 2022, Jiangsu Sunshine Co.Ltd(600220) announced that it planned to establish a wholly-owned subsidiary, Inner Mongolia Cheng'an new energy, with a registered capital of 2 billion. The main products include semiconductor materials, monocrystalline silicon rods, monocrystalline silicon wafers, polycrystalline silicon rods, polycrystalline silicon wafers and Cecep Solar Energy Co.Ltd(000591) battery modulesP align = "center" announcement on foreign investment of Jiangsu Yang Guang Co.Ltd(000608) Co., Ltd
2 billion yuan has been involved in silicon wafer production, but the listed company since its listing in 1999, the net profit attributable to the parent company has totaled 740 million yuan by the first three quarters of 2021.
At the same time, the company's cash flow is not abundant. In the first three quarters of 2021, the debt ratio reached 51.5%, the monetary capital on the account was only 400 million yuan, the net cash flow from operating activities was only more than 200 million yuan, the net cash flow from investment activities was only 5 million yuan, and the net cash flow from financing activities was - 270 million yuan.
interface news reporter found that Jiangsu Sunshine Co.Ltd(600220) has been borrowing new for old for many years
In 2020, the loan was 2.17 billion yuan, and 2.09 billion yuan was used for debt repayment. In the first three quarters of 2021, the loan was 1.48 billion yuan, and 1.65 billion yuan was used for debt repayment. The money borrowed in 2021 is not enough to repay old debts future once the company is mismanaged, the interest will roll higher and higher, and the consequences can be imagined p align = "center" data source: choice terminal
The controlling shareholder of Jiangsu Sunshine Co.Ltd(600220) group (hereinafter referred to as sunshine group) is also too busy on December 18, 2021, sunshine group and Bayannur Municipal People's Government of Inner Mongolia Autonomous Region signed a framework cooperation agreement on photovoltaic new energy whole industry chain project, which plans to build a photovoltaic whole industry chain project with a total investment of 35.15 billion yuan in wulatqian banner.
More than 30 billion yuan has been involved in the photovoltaic industry. The high debt ratio and high pledge rate of sunshine group make it difficult to support its listed company Jiangsu Sunshine Co.Ltd(600220) .
According to the company's announcement, as of March 31, 2021 (Unaudited), the group had total liabilities of RMB 11.012 billion, total assets of RMB 22.918 billion and asset liability ratio of 48.05%. At the same time, as of May 28, 2021, sunshine group and its concerted actors have pledged nearly 80% of their shares in total p align = "center" Jiangsu Sunshine Co.Ltd(600220) announcement on pledge of shareholders' equity p align = "center" Jiangsu Sunshine Co.Ltd(600220) announcement on pledge of shareholders' equity of the company
what is more criticized is Lu Keping's "A-share resume" Lu Keping has not only established sunshine group in the capital market for 20 years, but also once was the actual controller of many A-share listed companies. Once controlled three A-share listed companies Hairun photovoltaic, Jiangsu Sunshine Co.Ltd(600220) , Jiangsu Sihuan Bioengineering Co.Ltd(000518) ( Jiangsu Sihuan Bioengineering Co.Ltd(000518) . SZ) and a new third board company Yangsheng biology.
More than ten years ago, when the photovoltaic industry was hot, Lu Keping entered the photovoltaic industry on a large scale, but he fell into a chicken feather.
In 2006, Jiangsu Sunshine Co.Ltd(600220) participated in the investment and established Ningxia sunshine Silicon Industry Co., Ltd. (hereinafter referred to as Ningxia sunshine), and the first phase of 1500 tons of polycrystalline silicon trial production was successful in December 2008. However, by the time of mass production in 2010, polysilicon production capacity had been surplus, the price had dropped sharply, and Ningxia sunshine silicon industry went bankrupt in 2013.
while establishing Ningxia sunshine, Lu Keping took advantage of Hairun photovoltaic backdoor listing and made a large amount of cash out
In 2010, Jiangsu Sunshine Co.Ltd(600220) led Hairun PV to land on the main board by backdoor ST Shenlong at the end of 2011. However, after backdoor listing, Lu Keping and Zijin electronics suffered losses all the way and were on the verge of delisting. In January 2015, Lu Keping and Zijin electronics reduced their holdings and cashed out more than 2 billion yuan in Hairun PV. Lu Keping was questioned as "hollowing out" Hairun photovoltaic.
After the official delisting on July 8, 2019, no one took over the auction of Hairun photovoltaic assets. Finally, due to serious insolvency, it filed for bankruptcy on July 13, 2021 before the delisting of Hairun PV, the company had 190000 shareholders, and its delisting made nearly 200000 shareholders lose their money .
Since 2012, Jiangsu Sihuan Bioengineering Co.Ltd(000518) has become a listed company without actual controller, which has attracted the "sunshine system" that has been hiding in the darkP align = "center" Jiangsu Sihuan Bioengineering Co.Ltd(000518) net profit attributable to parent company over the years p align = "center" source: choice terminal
The CSRC found out that Lu Keping became the actual controller of Jiangsu Sihuan Bioengineering Co.Ltd(000518) as early as 2014, but the company has been concealing the matter and the related party transactions with Lu Keping.
Since February 20, 2014, Lu Keping has actually controlled Jiangsu Sihuan Bioengineering Co.Ltd(000518) 3942% of the equity through 19 account groups, but he has never disclosed or made a takeover offer. Xinphi was fined 27.34 million yuan by the CSRC in 2019 and banned from entering the securities market for lifeP align = "center" Jiangsu Sunshine Co.Ltd(600220) stock price trend p align = "center" source: choice terminal
Around 2008, the Jiangsu Sunshine Co.Ltd(600220) share price was once hyped by virtue of the photovoltaic concept. The share price was once close to 9.42 yuan / share (the former resumption of rights), and the total market value was more than 15 billion yuan. Since then, the share price has gone down all the way. Now it is only 3.92 yuan / share, and the total market value is only 6.5 billion yuan. Financial data show that the company lost 22.78 million yuan in the first three quarters of 2021.
Now, under the leadership of Lu Keping, Jiangsu Sunshine Co.Ltd(600220) once again climbed onto the concept of photovoltaic and once walked out of the six-day five board market. But what will happen?
perhaps it is more worth pondering that, driven by the interests of photovoltaic fever, photovoltaic enterprises continue to expand production, and non photovoltaic enterprises also begin to get involved. Will the outcome of the next "Ningxia sunshine" be staged again
