Dongfang Risheng’s debt of 15.7 billion radically expands its retreating equity, attracting state-owned assets

Dongfang Risheng’s debt of 15.7 billion radically expands its retreating equity, attracting state-owned assets
The photovoltaic rookie Dongfang Risheng released the first quarter performance forecast recently, which is expected to realize the net profit of the mother.600 million to 1.8.5 billion, a decrease of 39 per year.02% to 47.26%.Dongfang Risheng monopoly expanded once.Since 2017, it has invested tens of billions of dollars in construction of solar cell module production bases in Changzhou, Yiwu and other places, and has also traveled to Australia to purchase photovoltaic power plant projects.Just last year, it also planned to raise 2.7 billion to expand production, but it was not approved by the CSRC.Sauna and Yewang’s detailed industrial and commercial data found that the shares of Dongfang Risheng’s two indirect wholly-owned subsidiaries changed, Dongfang Risheng withdrew from one of them, and the shareholding ratio of the other company was also replaced by 100% by 1%.At the beginning of this month, Dongfang Risheng announced that it planned to transfer 80% equity of a photovoltaic power station project in Australia.Since last year, Oriental Daily Rise has slowed the pace of investment, but at this time the scale of its shortcomings has increased significantly.The financial report shows that in the first three quarters of last year, Dongfang Risheng’s cash investment activity was replaced by 9.6.2 billion yuan, compared with 15 in the same period last year.20ppm, a year-on-year decrease of nearly 40%; at the end of the reporting period, its total denial was 157.200,000 yuan, an annual increase of more than 50%.In June 2019, Dongfang Risheng participated in the 13th Shanghai SNEC International Solar Photovoltaic and Smart Energy Exhibition (Photovoltaic Exhibition 2019). According to the latest announcement of Dongfang Risheng, the wholly-owned company Risen RISI Holding Limited plans to pay 160 million Australian dollars (about 7).RMB 0.3 billion) Transferred 80% of Yarranlea Solar Holdings Pty Ltd ‘s equity to PAT 1 Pty Ltd. Risen RISI Holding Limited left only 20% of its equity.The 100% equity of Yarranlea Solar Pty Ltd held by Yarranlea Solar Holdings Pty Ltd, the subject of this transaction, includes other funds raised by Dongfang Sunrise Investment Project “Queensland Australia 121″The main body of implementation of the 5MW Photovoltaic Power Plant Project.According to the audited financial data disclosed by Dongfang Risheng, as of September 30, 2019, Yarranlea Solar Holdings Pty Ltd had total assets of 1.9.8 billion Australian dollars, net assets -56.840 thousand Australian dollars; January to September 2019 operating income of 0 Australian dollars, net profit -56.840 thousand Australian dollars.Dongfang Risheng said that the transaction will help the company improve the efficiency of asset operations, help the company recover photovoltaic construction funds, and invest in new photovoltaic power generation construction, which will also have a positive impact on the company’s financial situation in 2020.The reporter was concerned that at the end of last year, Dongfang Risheng’s shareholding ratio of an indirect wholly-owned holding company was replaced by 100% by 1%, while the other company directly withdrew.Business information of Hainan Dongfang Jintian Electric Power Development Co., Ltd. shows that its investor change occurred on December 25, 2019, and the original wholly-owned shareholder Ningbo Longhui Energy Development Co., Ltd. (hereinafter referred to as “Longhui Energy”) withdrew.Yuan New Energy Technology Co., Ltd. (hereinafter referred to as “Dongyuan New Energy”) took over.According to public information, the shareholder of Longhui Energy is Dongfang Risheng, a wholly-owned subsidiary of Dongfang Risheng New Energy (Hong Kong) Co., Ltd.The new shareholder of Jintian Power, Dongyuan New Energy, industrial and commercial data show that its shareholders are 99% of Hainan Dongxin New Energy Co., Ltd. and 1% of Dongfang Risheng’s merged subsidiary Dongfang Risheng (Ningbo) Power DevelopmentLimited company.The long-term allocation change means that Dongfang Risheng ‘s shareholding in Jintian Power is reduced from 100% to 1%.The business information of another company Huairen Baosheng New Energy Co., Ltd. (hereinafter referred to as “Baosheng New Energy”) also shows that its investor changes occurred on December 31, 2019. The original shareholders Longhui Energy and Cixi Yongsheng PowerDevelopment Co., Ltd. withdrew and Huairen Tianxu New Energy Co., Ltd. and Changzhou Jintan Xingdian New Energy Co., Ltd. took over.The original shareholders of Baosheng New Energy are all indirectly wholly-owned by Dongfang Risheng. As for multiple new shareholders, the business information shows that after the distribution and penetration, they are held by three natural persons, Li Guoji, Dai Chun, and She Liqin.The above equity change means that Dongfang Risheng no longer holds Baosheng New Energy, which was originally wholly-owned.On April 13, the reporter sent an interview email to Dongfang Risheng about the above equity change, but did not receive a reply yet.Quoting state-owned state-owned capital background investors to increase their capital in subsidiary subsidiaries A few days ago, Dongfang Risheng has announced an investment to increase capital for a subsidiary of the controlling shareholder.According to the announcement of Dongfang Risheng in late March, its controlling subsidiary, Jiangsu Swick New Material Co., Ltd., intends to do the same.The price of 5 yuan to Shenzhen Innovation Investment Group Co., Ltd. and other 12 investors issued a total of 7384 shares.With 61.54 million shares, the registered capital of Jiangsu Swick will increase from 200 million yuan to 27384 after the capital increase.61.54 million yuan, corresponding to 27,384 shares.61.54 million shares.Statistics show that Jiangsu Swick achieved operating income in the first three quarters of 201911.7.3 billion, with a net profit of 9023.890,000 yuan; as of the end of September 2019, Jiangsu Swick ‘s total assets were 14.29 trillion, coefficient budget 9.04 billion.Dongfang Risheng said that this move will help it further improve its governance structure and enhance the independence of its business operations, which will be the basis for the company’s future development path, including independent listing and independent operation of the capital market.Among the external investors of Jiangsu Swick, the value-added capital, in addition to natural person Yang Dake, the remaining 11 investors have a state-owned background.These include Shenzhen State-owned Venture Capital Platform Shenzhen Innovation Investment Group Co., Ltd. (and Hangzhou Hongtu Growth Investment Partnership (Limited Partnership), which is jointly invested by Shenzhen Venture Capital and local state-owned assets, and Ningbo Hongtu Industrial Investment Intelligent Economic Industry Fund Partnership (Limited Partnership)), Changzhou Hongtu Talent Investment Partnership (Limited Partnership), Shanghai Jinshan Hongtu Venture Capital Center (Limited Partnership); and Ningbo Hefeng Venture Investment Co., Ltd., which is indirectly wholly-owned by Ningbo State-owned Assets.Local state-owned assets from Changzhou, the registered place of Jiangsu Swick, also participated.Except for another Changzhou Red Earth Talent Investment Partnership (Limited Partnership) with Jiangsu and Changzhou State-owned shares, Changzhou Ruitai Venture Capital Center (Limited Partnership) of Changzhou Xinbei District State-owned Holdings, Changzhou Jintan District State-owned Indirect Wholly-ownedThe holding company, Jiangsu Jintan Jincheng Technology Industry Development Co., Ltd., also participated in the capital increase.The external investors who increased the capital of Jiangsu Swick also included Changzhou listed reserve enterprise equity investment fund (limited partnership) (hereinafter referred to as “Changzhou listed reserve fund”).According to the Changzhou Daily reported on April 10, the capital increase of Jiangsu Swick was the first investment of the fund; the Changzhou listed reserve fund was established on March 23, 2020, with a first phase of 100 million yuan, mainly serving Changzhou listingReserve enterprise.At the beginning of this year, Jiangsu Swick has changed to a joint-stock company as a whole, with Dongfang Risheng and Changzhou Yuanzhuo Investment Partnership (Limited Partnership) holding 97% and 3% of the shares respectively, which is the employee shareholding platform of Jiangsu Swick.In an announcement in late January, Dongfang Risheng said that after the overall change of Jiangsu Swick to a joint stock company, it will choose to implement the strategic plan for independent listing in internal or overseas markets.The first quarter of this year’s performance growth, government compensation reduction, Dongfang Risheng was founded in 1986 with a registered capital of 9.R & D, production and sales of the company’s main military photovoltaic grid-connected power generation system, photovoltaic independent power supply system, solar cells, and components.In September 2010, Dongfang Risheng was listed on the Shenzhen Stock Exchange GEM.In recent years, through the rapid development of the domestic photovoltaic industry, Dongfang Risheng once expanded rapidly. For example, in December 2017, the agreement with the local government of Changzhou will invest 8 billion yuan to build a photovoltaic product manufacturing base of 5GW photovoltaic cells and 5GW photovoltaic modules.Signed an agreement with Yiwu local government to invest 2 billion US dollars to build a 5GW solar cell module production base. In October 2018, it announced the acquisition of an Australian photovoltaic power generation project.The research report of Dongxing Securities in late March assessed that the global layout of Dongfang Risheng has entered the harvest period. Under the trend of global photovoltaic parity, its overseas performance has continued to rise.Last year, Dongfang Risheng planned to issue convertible corporate bonds to raise funds not exceeding RMB 27.100 million yuan.Of which, $ 1.9 billion is produced annually2.5MW high-efficiency solar cell and module production project, US $ 600 million Australian Merredin Solar Farm 132MW photovoltaic power plant project, 2.USD 100 million to supplement working capital.But the fundraising plan was not approved by the SFC.In late January of this year, Dongfang Risheng issued an announcement that the project will be closed, and the savings from the termination of the fund-raising investment project 3.US $ 2.8 billion permanently replenishes working capital for the company ‘s production and operation activities.From the perspective of financial data, Dongfang Risheng’s cash replacement amount for investment activities in 2016-2018 was 2 respectively.8.8 billion yuan, 13.1 billion, 30.3.6 billion; and according to Dongfang Risheng’s third quarter 2019 report, its investment cash replacement for the first three quarters of last year was 9.6.2 billion yuan, compared with 15 in the same period last year.2 billion yuan, a decrease of nearly 40% every year.With the rapid expansion, Dongfang Risheng denied that it also went up, and its total debt at the end of 2016-2018 was 60 respectively.0.8 billion, 89.7.6 billion, 103.79 trillion US dollars; As of the end of the third quarter of 2019, Dongfang Risheng denied totaling 157.2 billion yuan, an increase of more than 50%.According to the 2019 annual performance report released by Dongfang Risheng earlier, it is expected to achieve operating income of 144 during the reporting period.1.2 billion, an annual increase of 47.79%; net profit attributable to mother9.80ppm, an increase of 321 per year.62%.However, entering 2020, the performance of Dongfang Risheng has an inflection point.Its recently released first-quarter 2020 performance forecast shows that it is expected to achieve a net profit attributable to its mother1.600 million to 1.8.5 billion yuan, a decrease of 39 from the same period last year.02% to 47.26%.Sauna, Ye Wang Zhao Yibo Zhu Yueyi Editor Zhao Ze proofreading Liu Baoqing