Single and polycrystalline faucet cooperated with Zhonghuan shares of 150 million to hold GCL-Poly
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According to the relevant announcement, in response to the investment of 150 million yuan in Zhonghuan, Zhongneng Silicon will also increase the capital of Xinjiang GCL. After the completion of the capital increase and share expansion, Zhonghuan will hold 10% of the shares of Xinjiang GCL. .
In addition, the announcement shows that after the completion of the capital increase and share expansion, Xinjiang GCL will first construct a production line with an annual output of 40,000 tons of polysilicon production capacity in two phases. The first line will be put into production in April 2018; the second phase will be put into production. The time is November 2018.
For the cooperation, Zhonghuan said through the announcement that it will invest in Xinjiang GCL, and choose a new project with a good reputation and a high level of polysilicon leading company, Poly GCL, in Xinjiang, which will meet the company's single crystal rod and ingot bill. Crystal production for high-purity silicon materials, its high-purity quality will lead domestic competitors, and help to create a competitive advantage in the entire industry chain. At the same time, Zhonghuan Co., Ltd. promised not to transfer part or all of its shareholding in the underlying company (Xinjiang GCL) within 4 years.
Zhonghuan shares
This cooperation can be described as "strong cooperation." China's photovoltaic industry is well known. Zhongneng Silicon is a leading company in the industry – a subsidiary of GCL-Poly. In 2016, GCL-Poly produced a total of 69,354 metric tons of polysilicon and sold 9,951 metric tons. It produced 17.33 GW of silicon wafers and sold 17.52 GW. Among them, the global market share of polysilicon products is about 23%, and the global market share of silicon wafer products is about 30%, ranking first in the world.
At the same time, as one of the earliest companies in China to produce solar energy (5.11 -0.58%, diagnostic stock) monocrystalline silicon for power generation, Zhonghuan has been engaged in the production of monocrystalline silicon since 1981, and is currently developing technology and products. Quality, total production, market share and other aspects have become one of the largest single crystal silicon companies in the world. In 2016, Zhonghuan Photovoltaic started the fourth phase of monocrystalline silicon project. After the completion of the construction, the total production capacity of single crystal will exceed 15GW, consolidating its position as a leading company in monocrystalline silicon.
According to the announcement, Xinjiang GCL, located in Hongsha Quanbei Industrial Zone, Zhundong Economic and Technological Development Zone, Changji, Xinjiang, was established on December 6, 2016, with a registered capital of RMB 20 million.
On the basis of the capital injection of 150 million yuan in Zhonghuan, Zhongneng Silicon will increase the capital of Xinjiang GCL by 1.33 billion yuan, including 50 million yuan in the form of intellectual property rights (determined after the IPR assessment, insufficient cash to make up) Increased capital by 1.28 billion yuan in cash. After the capital injection is completed, the registered capital of Xinjiang GCL will be changed from 20 million yuan to 1.5 billion yuan. Central shares hold 10% and Zhongneng Silicon holds 90%.
After the completion of the above-mentioned capital increase and share expansion, in addition to the two polysilicon production lines with a total annual production capacity of 40,000 tons, which are planned to be put into operation in April and November 2018 respectively, Xinjiang GCL also plans to build another polysilicon production line with an annual production capacity of 20,000 tons. The announcement shows that the construction of the production line will be determined by the shareholders meeting according to the operation of Xinjiang GCL.
“630†has little impact on the PV market
According to the relevant person in charge of GCL-Poly, the Xinjiang GCL project integrates multiple advantages such as cost, technology and scale, and will further enhance its market competitiveness. Combined with the company's black silicon and diamond wire cutting and reducing costs in the field of silicon wafers, it will greatly promote the realization of the goal of parity Internet access.
Zhonghuan believes that its own focus on the development of solar photovoltaic industry, the future demand for solar-grade polysilicon will increase significantly (polysilicon for the production of single crystal silicon raw materials), invested in polysilicon manufacturing enterprises, is conducive to achieve a stable supply of polysilicon supplies, Suppressing price volatility, providing support for the cost competitive advantage of the company's single crystal.
Nowadays, the "630" limit of the photovoltaic industry ("as long as the successful integration of the grid before June 30, you can enjoy the preferential electricity price" triggered by the tide of rushing) has been affected by the state subsidy policy, the industry generally believes that entering July, This is the off-season of the photovoltaic market. Recently, according to the "Securities Daily" reporter, this year's market has not been affected by too much "630", the overall supply and demand situation is good. Taking GCL-Poly as an example, the relevant person of the company disclosed to the "Securities Daily" reporter that its polysilicon and wafer orders were full and continued into the third quarter. At the same time, the industry believes that the two leading companies announced their cooperation after the "630" node, which also showed confidence in future growth.