Abstract The Ministry of Commerce recently issued a preliminary ruling announcement. Since September 20th, temporary anti-subsidy measures have been taken on solar-grade polysilicon imported into the United States. This is the first time the anti-dumping preliminary ruling has been made by the Ministry of Commerce to issue a “penalty†to the United States. Subsequently, the Ministry of Industry and Information Technology
The Ministry of Commerce recently issued a preliminary ruling announcement. Since September 20, temporary anti-subsidy measures have been taken on solar-grade polysilicon imported into the United States. This is the first time the anti-dumping preliminary ruling has been made by the Ministry of Commerce to issue a “penalty†to the United States. Subsequently, the Ministry of Industry and Information Technology announced the "Regulations for Photovoltaic Manufacturing Industry", which clearly set strict quantitative standards for the scale, production capacity and product performance of photovoltaic manufacturing enterprises. Officials from the Ministry of Industry and Information Technology said that the intention is to eliminate the low-level production capacity of disorderly competition by improving various standards of the industry, and accelerate the merger and reorganization of small and medium-sized photovoltaic enterprises. A new wave of integration in the domestic PV industry has started.
Component enterprise mergers and acquisitions surge
Not long ago, a leader of the National Energy Administration said that the result of the restructuring of the photovoltaic industry is that only five or six leading manufacturing companies are enough. The original thousand are definitely too many.
The voice of the above-mentioned leaders has just fallen, and the Ministry of Industry and Information Technology has announced the "Regulations for Photovoltaic Manufacturing Industry", setting thresholds for various aspects such as enterprise scale, production capacity, product performance, and energy consumption, and strictly controlling new photovoltaic manufacturing projects that simply expand production capacity.
It is said that the document solicitation stage has been strongly opposed by a large number of small and medium-sized PV companies in Jiangsu and Zhejiang. However, officials from the Ministry of Industry and Information Technology said that the purpose of the document is to eliminate the low-level production capacity of disorderly competition by raising various standards in the industry, and accelerate the merger and reorganization of small and medium-sized PV enterprises to a certain scale.
In fact, before the publication of the document, the tide of mergers and acquisitions in the domestic PV industry has been undercurrent.
As early as March of this year, domestic photovoltaic giant Wuxi Suntech was bankrupt and reorganized due to a large number of debt defaults. Since then, Suntech has resolved the $541 million “convertible debt crisis†through “debt-for-equity swapâ€. It is reported that a number of PV companies are currently in contact with Suntech's top management, including Yingli, Trina Solar, China Xidian and Beijing Putian New Energy. Among them, Yingli executives have conducted telephone communication with Suntech on mergers and acquisitions. Trina Solar will also launch M&A operations and has begun to find suitable M&A targets nationwide, including Suntech.
Among the several PV companies that have been in contact with Suntech, some people in the industry are more optimistic about Yingli. Yingli has completed a due diligence investigation on Suntech, and it seems to be the most likely taker.
Coincidentally, on September 13, the transaction announcement of the 100% equity transfer project of LDK Solar High-Tech (Hefei) Co., Ltd. ended. Tongwei Group successfully took over Hefei Saiwei at a price of 870 million yuan.
Zhao Yuwen, a well-known expert in the domestic photovoltaic industry, believes that it is not impossible for a professional and powerful enterprise such as Tongwei Group to take over.
However, it is worth noting that Meng Xianyu, vice chairman of the China Renewable Energy Society, pointed out that “the total debt of the top ten PV manufacturers in China has reached hundreds of billions, and the industry’s general debt ratio is above 70%.â€
Meng Xianyu said: "Although with the introduction of the PV policy and the start of the domestic demand market, the operating conditions have improved, but the related companies are still unable to repay huge debts." And some local governments have been unable to help, and the enterprises are destined to be full of difficulties and obstacles, perhaps in the future. Only the next signboard can be retained in the tide of industry mergers and acquisitions.
Polysilicon industry chain integration is fierce
On September 16, the Ministry of Commerce issued a preliminary ruling announcement. From September 20th, the temporary anti-subsidy measures in the form of margins for solar-grade polysilicon imported into the United States will be adopted. This is the second step after the anti-dumping preliminary ruling. A "penalty" is issued.
However, although the US will issue a separate ticket, the pattern of China's imports of polysilicon from Korea, Germany and the United States will remain difficult to change. Ren Haoning, a researcher in the energy industry of China Investment Consulting, analyzed that the US share has decreased, but its lost market share will be fully accepted by Hande. The fundamental pattern of China's polysilicon import market will not change.
Xiaoxin, a researcher in the new energy industry of China Investment Consulting, said that South Korea's OCI and Germany's WACKER are the world's top ten polysilicon producers, respectively, sending 90% and more than 60% of polysilicon to China, which greatly reduced the price of polysilicon imports. More than 85% of enterprises will face elimination and the industry will be in trouble.
Zheng Lepeng, executive vice president of Guangdong Solar Energy Association, also said that OCI in South Korea and Wacker in Germany are the biggest "eyes" of domestic enterprises. The "sacrifice" of the United States directly "helps" them to stand firm in China. heel. From the external environment, you need to be alert to the threat they pose.
According to the data of China Investment Consulting Industry Research Center, the production capacity and output of PV modules in China currently account for 65% of the world's total, and polysilicon production capacity and output account for 40% of the world's total. At the same time, due to the “double opposition†in Europe and the United States and the slowdown in global demand, the export model of occupying the international market by low-cost competition has not gone.
In this situation, industry insiders said that if the photovoltaic industry is to completely out of the downturn, mergers and acquisitions, industry integration is inevitable.
It is understood that the integration of the industrial chain of the domestic polysilicon industry is very "tough". Ren Haoning said: "In the first half of this year, the operating rate of polysilicon enterprises is very low. Of the 28,000 tons of production capacity in the country, 22,000 tons are produced in Jiangsu Zhongneng, and one enterprise accounts for nearly 80% of the industry's production capacity. Most enterprises are almost " In the future, the bankruptcy reorganization of polysilicon will continue. It is estimated that 90% of the existing 50 or 60 polysilicon enterprises will be eliminated, eventually forming five or six polysilicon enterprise groups."
To this end, Ren Haoning suggested: on the one hand, drawing on the experience characteristics of high concentration of European and American industries, small number of enterprises, and large production capacity, supporting the development of giant enterprises, with enterprise groups as the core, encouraging small and medium-sized enterprises to automatically move closer to their production capacity, personnel and equipment. Waiting for the transfer of the negotiated price, speeding up the merger and reorganization of the industry, eventually eliminating 90% of the polysilicon enterprises, leaving 10% of the high-quality enterprise giants; on the other hand, guiding the small and medium-sized enterprises to withdraw funds, do not put the funds into the polysilicon and other production capacity has been serious In the field of overloading, it is necessary to put limited funds in the field of photovoltaic power plant terminal manufacturing, natural gas, etc., in order to produce the best benefits.
However, Meng Xianzhen believes that even if the domestic downstream power station starts, the domestic demand market will open, and domestic PV production capacity will still be surplus, and it is sure to eliminate some. Domestic PV companies must pay a heavy price for the disorderly expansion of their heyday.
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