actual controller’s family took out real gold and silver to subscribe. Will it be a good medicine for Hoshine Silicon Industry Co.Ltd(603260) to stop the decline
On the evening of May 19, Hoshine Silicon Industry Co.Ltd(603260) issued a fixed increase plan, which plans to issue no more than 106 million shares in a non-public offering at an issue price of 66.3 yuan / share and raise no more than 7 billion yuan.
Affected by this news, the total market value of 6039 shares closed at 2.6 billion yuan / 1049 3 on March.
supplementary working capital
The fixed increase was undertaken by the Roche brothers and sisters, who each subscribed 3.5 billion yuan. After the issuance, the direct shareholding ratio of Luo Liguo, Luo Yi and Luo Yedong will rise from 25.55% to 32.21%, and indirectly hold 46.34% of the company’s shares by holding 100% of Hesheng group.
According to the plan, after deducting the issuance expenses, the 7 billion fund-raising will be used to supplement the working capital Hoshine Silicon Industry Co.Ltd(603260) said that with the expansion of the company’s business scale year by year, the demand for working capital is increasingly strong, and sufficient working capital is needed to support its main business. The company plans to enhance its working capital strength through this fixed increase to meet the capital needs brought by the development of various business areas.
In addition, Hoshine Silicon Industry Co.Ltd(603260) pointed out that the company’s debt scale has increased in recent years. As of the end of March 2022, the total debt scale according to the consolidated statements was 11.596 billion yuan, current liabilities 9.005 billion yuan and interest expenses 188 million yuan in 2021, which has a certain operating pressure. After expanding the scale of the company from 1.93% to 28.2%, the liquidity ratio of the company’s assets and liabilities will be further increased, and the liquidity ratio of the company will be further reduced from 1.36% to 28.2%, respectively.
As the number one in A-share industrial silicon, Hoshine Silicon Industry Co.Ltd(603260) ‘s history of prosperity is worth pondering. In 1989, Luo Liguo, then 33, took the borrowed 20000 yuan to start a business in the sea and founded Cixi Shenyi handicraft factory, the predecessor of Hesheng group, the controlling shareholder of Hoshine Silicon Industry Co.Ltd(603260) to produce straw hats. In the first year alone, the output value of the company reached 2.6 million yuan. Since then, Luo Liguo has cooperated with Hong Kong Yuzu to sell straw hats overseas, with an annual export revenue of more than ten million US dollars.
However, aware of the dilemma of pure handicrafts in the industrial era, Luo Liguo started a second venture and entered the newly emerging real estate industry around 2000. At the peak of the industry in 2017, Luo Liguo chose to quit and sell the real estate company, retaining only 100% of the shares of the two property companies.
In 2005, Hoshine Silicon Industry Co.Ltd(603260) was officially established. Luo Liguo, who is over half a century old, focused on silicon materials. After a series of mergers and acquisitions, in October 2017, Hoshine Silicon Industry Co.Ltd(603260) landed in the capital market. At present, Hoshine Silicon Industry Co.Ltd(603260) is one of the enterprises with the most complete business chain and the largest production scale in China’s silicon-based new materials industry. By the end of 2021, the company has an industrial silicon production capacity of 790000 tons / year and a silicone monomer production capacity of 930000 tons / year,
As can be seen from the equity relationship chart, Hoshine Silicon Industry Co.Ltd(603260) is a typical family business. Luo Liguo, Luo Yudong and Luo Yedong act in concert with each other and have the actual control of the listed company. Luo Liguo is the father of Luo Yudong and Luo Yedong, Luo Yudong and Luo Yedong are brothers and sisters, Luo Yudong is the vice chairman and Luo Yedong is the general manager. In 2022, Luo Liguo and his family ranked 100th on the Forbes Global billionaire list with a wealth of US $17 billion.
marching downstream
In fact, the 7 billion fund-raising is far from meeting Hoshine Silicon Industry Co.Ltd(603260) ‘s ambition.
Hesheng’s main product industrial silicon, mainly composed of silicon, is the main raw material of downstream photovoltaic materials, silicone materials and alloy materials. The company is making great strides to the downstream and layout polycrystalline silicon.
On February 14, Hoshine Silicon Industry Co.Ltd(603260) announced that it plans to invest in the silicon-based new material industry integration project of Hoshine Silicon Industry Co.Ltd(603260) Co., Ltd. in central Xinjiang (200000 tons of high-purity polysilicon project), with a total investment of 17.5 billion yuan. The construction contents of the project include 200000 t / a polysilicon unit, 100000 t / a caustic soda unit, as well as supporting public works and auxiliary works. The company recently disclosed that the project started construction in 2022 and is expected to be officially put into operation in the second quarter of 2023.
Hoshine Silicon Industry Co.Ltd(603260) said that the company’s layout of polysilicon is intended to further expand and improve the layout of the whole industrial chain of silicon-based new materials, and has implemented the overall strategic plan of expanding to the downstream of industrial silicon Hoshine Silicon Industry Co.Ltd(603260) the person from the Secretary Office of the board of directors once told the reporter of the international finance news, “the raw material of industrial silicon production, graphite electrode and energy and electricity are self-sufficient, and there is a more favorable cost advantage at the production end. Through the collaborative promotion of upstream and downstream fields, the company gives full play to the advantages of the industrial chain, ensures the robustness of production and operation, and can effectively resist the low business risks of the industry.”
On the market side, polysilicon, which has been rising for 16 weeks, stopped rising. According to the silicon industry branch on May 18, the transaction price of China’s single crystal re feeding this week ranged from 255000 yuan / ton to 266000 yuan / ton, and the average transaction price was 261100 yuan / ton; The transaction price of single crystal dense material ranges from 253000 yuan / ton to 264000 yuan / ton, with an average transaction price of 258700 yuan / ton, which is the same as that of the previous week.
However, it is too early to discuss the inflection point of polysilicon price. The silicon branch pointed out that the average price of silicon materials remained stable this week because as of last week, almost all orders of silicon materials enterprises in May had been signed. Most enterprises had no new orders this week, and only one to two enterprises signed a very small number of scattered orders at the price of the previous week. According to its judgment, before the end of June, the price of silicon material still has the power support of steady and slight rise. At present, the supply of silicon material is still relatively short, and there is no inventory.
In addition to aiming at the downstream, Hoshine Silicon Industry Co.Ltd(603260) also makes efforts in the old line. In September 2021, 60326 threw out a production expansion plan of 7.6 billion yuan, and planned to invest in the construction of 400000 tons of industrial silicon project in phase II of coal electricity silicon integration project, 200000 tons of siloxane in phase III of coal electricity silicon integration project and downstream deep processing project.
In addition, according to the announcement of the company in April 2021, it is planned to invest in the 800000 T / a industrial silicon production and supporting Shanghai Pudong Development Bank Co.Ltd(600000) t briquette processing and production (phase I) project, as well as the 200000 t / a siloxane and downstream deep processing project of the coal electricity silicon integration project (phase II), with a total investment of 8.463 billion yuan.
market value evaporation 174.9 billion
In 2021, Hoshine Silicon Industry Co.Ltd(603260) achieved the best performance in history. During the reporting period, the company’s revenue was 21.343 billion yuan, a year-on-year increase of 137.99%, and its net profit was 8.217 billion yuan, a year-on-year increase of 484.74%.
For the significant increase in performance, Hoshine Silicon Industry Co.Ltd(603260) pointed out that since 2021, the industrial silicon and silicone industries have ushered in a strong boom cycle, the utilization rate of the company’s industrial silicon capacity has been effectively improved, the output has increased significantly year-on-year, and the new capacity has been gradually released.
At the same time, affected by the industry, supply and demand and other factors, the volume and price of the company’s main products have risen at the same time.
Hoshine Silicon Industry Co.Ltd(603260) 2022 also performed well in the first quarter. During the reporting period, the company achieved a revenue of 6.39 billion yuan, a year-on-year increase of 92.57%, and a net profit of 2.05 billion yuan, a year-on-year increase of 124.74%.
However, Hoshine Silicon Industry Co.Ltd(603260) ‘s share price deviates greatly from its performance. On September 14, 2021, Hoshine Silicon Industry Co.Ltd(603260) rushed to the high point of 259.8 yuan / share since listing, and then ushered in a deep correction. Based on the latest market price of 96.9 yuan / share, the decline was more than 62%, and the market value evaporated 174955 billion yuan in more than eight months.
Fuda industry, the fourth largest shareholder of the company, frequently cashed out. The reporter combed past announcements and found that from April 7, 2022 to May 17, 2022, Fuda industry reduced its holdings of 6.2844 million shares, accounting for 0.59% of the total share capital;
From August 30, 2021 to February 17, 2022, a total of 21140900 shares were reduced, accounting for 1.97% of the total share capital; From March 12 to May 11, 2021, the number of shares reduced was 6.5 million, accounting for 0.69% of the total share capital. In more than a year, the shareholding ratio of fidelity industry decreased from 12.09% to 7.4%, and the cash amount of the set was more than 4 billion yuan.
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