However, in the face of this heavy positive, investors did not buy it. At the close on the 5th, Hairun Solar fell 3.08%, while partner Shunfeng Solar rose 11.72%.
Not only did Hairun Solar disclose the financial report of Shunfeng Photovoltaic, and it was accused of misleading investors, but more than 90% of the projects had not been approved by the local development and reform commission, and there was huge uncertainty in the order.
In addition, due to frequent changes in business models, Hairun PV's professional capabilities have also been questioned by industry insiders.
A professional photovoltaic power plant operator in Jiangsu said: "Photovoltaic manufacturing and photovoltaic power plant operation are completely two business models, and Hairun has no successful independent operation case in China."
Announcement
On July 5, Hairun Photovoltaic announced that it planned to sign a "Project Acquisition and Cooperative Development Agreement" with Shunfeng Investment, which involves the transfer and construction of a 499MW photovoltaic power plant project.
Both parties also signed the project company's "Equity Transfer Agreement" and "Project EPC Cooperation Agreement". Among them, the "Project EPC Cooperation Agreement" is an agreement for the subsequent 479MW photovoltaic power generation project contracted by Hairun Photovoltaic, with a contract value of approximately 4.19 billion yuan.
According to the information, the majority shareholder of the partner Shunfeng Investment is Shunfeng Optoelectronics, a Hong Kong listed company, and the actual controller is Zheng Jianming.
Prior to this, Zheng Jianming had successively controlled Shunfeng Optoelectronics, bought shares in LDK LDK, and purchased Suntech's factories, becoming a new "big man" in the photovoltaic industry. Since 2013, Zheng has set his sights on the field of power plants again, and this time he chose Hairun Photovoltaic, which is deeply trapped in the quagmire of power plants.
It is precisely because of the investment in power stations that the Hairun PV capital chain is very tight. In the first quarter of 2013, the total debt has exceeded 9.3 billion yuan, and the asset-liability ratio reached 72.49%. In June, due to multi-base wages, its subsidiaries also appeared Strike incident.
Hairun Photovoltaic is extremely hungry for funds, and the emergence of Shunfeng Photovoltaic can be described as sending carbon in the snow, but Hairun Photovoltaic clearly does not have enough knowledge about the partners.
When disclosing the background of the partner Shunfeng Optoelectronics, Hareon Solar unveiled Wulong, which disclosed Shunfeng Optoelectronics, which originally had a loss of 271 million yuan, as a profit of 271 million yuan; There are discrepancies in some details.
According to Shunfeng Optoelectronics Financial Report, as of the end of 2012, Shunfeng Optoelectronics had total assets of 2.052 billion yuan, net assets of 431 million yuan, 2012 operating income of 1.059 billion yuan, and net profit of a loss of 271 million yuan. .
In Hairun Photovoltaic's announcement, Shunfeng's 2012 net profit was disclosed as (271336000) yuan, replacing losses with brackets.
Since the contract payment of 4.19 billion yuan will be paid by Shunfeng Optoelectronics, the strength and profitability of the partners directly determine whether the project can be successfully completed. Hairun PV will write Shunfeng Optoelectronics 'loss performance as profit, which will obviously affect investors' judgment.
In addition, in the announcement, Hairun Photovoltaic also said, "Within 9 working days from the date of signing of this agreement, Shunfeng Investment will pay Harmon Solar a deposit of RMB 20.95 million."
For this deposit, did not appear in the announcement of Shunfeng Optoelectronics.
According to its announcement, Shunfeng Optoelectronics stated that “Jiangxi Shunfeng will pay Hairun PV performance bond of RMB 90,450,000, and within three working days from the date of the framework agreement, RMB 500,000, and from the framework The balance shall be paid within 9 working days from the date of the agreement. "
The difference between the two is more than 90 million yuan. Why is there two different payment amounts for a contract?
An insider close to Hairun Photovoltaic told 21st Century.com, "One possibility is that the two have not yet discussed the details of the cooperation. A project company in the agreement (Harun Photovoltaic) still has 150 million in China Development Bank. Loan, this money Hairun hopes that Shunfeng can advance it, but Shunfeng only agreed to more than 80 million. "
Over 90% of projects have no approval
According to the framework agreement signed by the two, 499MW power plant projects are divided into three categories, and adopt different cooperation models.
The first type of project: the project approval and network access permission of the provincial development and reform commission where the project is located and the EPC contract that has been signed and under construction are totaled 20MW; The project company has a total of 210MW of projects to be built; the third category of projects: 269MW of projects that have obtained the preliminary work letter issued by the National Development and Reform Commission where the project is located but have not yet established a project company.
The first two types of projects involved a total of 230MW, and will take the form of Shunfeng Investment to gradually acquire 95% of the equity of 6 project companies including Jiuquan, Xinghe County Chaer Lake, Jinghe, Turpan Haixin, Keping, Yuepu Lake, etc. carry out.
After the equity delivery is completed, Hareon Solar is responsible for ensuring that the follow-up development work of not less than 60% of the second-type projects is completed within six months after the agreement is signed. All subsequent development work of the second-type cooperative projects should be in this agreement Completed within eight months after signing, that is to obtain the approval of the local provincial development and reform commission, so that the project can be started.
For the third type of 269MW project, Hairun Photovoltaic shall be responsible for the follow-up development of each project until the approval of the local provincial development and reform commission is obtained, so that the project can be started.
In the announcement of Hairun Photovoltaic, only time commitment was made for the cooperation of the second type of project. But Shunfeng Optoelectronics made a time frame for all three types of projects.
According to its announcement, the first category of projects should be completed by December 31, 2013, and the requirements of the third category of projects are the same as the second category of projects, requiring Hairun Solar to obtain the approval of the local provincial development and reform commission within 8 months.
This means that, except for the 20MW that has obtained the approval of the local development and reform commission, the remaining 479MW power plant projects have not yet obtained the approval of the local development and reform commission, and do not have the conditions for start of construction.
"The preliminary work letter of the project refers to the road rule, which is equivalent to the admission permit, and the (approval) approval can only be used to register." A staff member of the Zhejiang Photovoltaic Association said.
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