Restructuring the shell may be the best solution to the current predicament. On May 22, the Shanghai Stock Exchange issued an announcement, two of which were terminated and two were suspended. In the case of two companies, such as ST Kunji, being delisted, the suspension of the listing of *ST Hairun has also raised concerns about the prospects of the former photovoltaic giant in the photovoltaic industry. *ST Hairun announced on the 22nd that the company's 2017 financial accounting report was again issued by the accounting firm after the company's financial accounting report was issued by the accounting firm to issue an audit report that could not express opinions. An audit report that cannot express an opinion. According to the provisions of Articles 14.1.1, 14.1.3 and 14.1.7 of the Shanghai Stock Exchange Listing Rules, the Shanghai Stock Exchange has decided to suspend the listing of *ST Hairun shares from May 29, 2018. At the beginning of this year, due to news of debt overdue and other news, *ST Hairun's share price fell below the 1 yuan mark on February 1, and then continued to fall for two consecutive trading days. The stock closed at 0.87 yuan, which was announced on February 6. Emergency suspension of trading due to major events. So far its stock price has been locked at 0.87 yuan. The announcement of the suspension of listing means that *ST Hairun has already reached the edge of the cliff that is on the verge of delisting. Sword refers to 100 billion to fall into a penny stock Hairun Photovoltaic official website information, Hairun Photovoltaic was established in 2004, headquartered in Jiangyin City, Jiangsu Province, is China's largest manufacturer of crystalline silicon solar cells. The company has five production bases in Jiangsu and Anhui, and its manufacturing business covers the entire PV industry chain. The production capacity of ingots, chips, batteries and components reaches 2GW/year. The number of employees was as high as 6,000. In the eyes of another PV executive, Hairun has had a glorious history. In the early stage of the listing, founder Yang Huaijin repeatedly expressed the ambition of Hairun to be the "lion king" of the photovoltaic industry in public. "There is no order for the industry without the 'lion king', and the industry will be in chaos. In a continuous state." In the planning of Yang Huaijin, Hairun will be a company with a market value of over 100 billion yuan. However, the 21st Century Business Herald reporter combed the Hairun historical report and found that from the five-year earnings report from 2012 to now, Hairun only achieved a positive net profit in 2015, and all the other four years lost money. According to the 2013-2017 financial report, the net profit attributable to the company was -203 million, -9.48 billion, 96.08 million, -3.11 billion and -2.44 billion. In the winter of overcapacity and price wars in the industry, Hairun's debt ratio continued to be high. According to the annual report data, its asset-liability ratio since 2013 was 80.46%, 68.91%, 69.02%, 80.35%, and 91.32%, respectively. Although the latest 2018 quarterly report has narrowed its net loss ratio, its asset-liability ratio has once again increased to 92.61%, and its total liabilities amounted to 12 billion yuan, but its total assets during the same period were only 13 billion yuan. According to the announcement in January this year, *ST Hairun and its holding subsidiaries have overdue debts such as accumulated bank loans of 426 million yuan. Among them, working capital loans totaled 315 million yuan, and bank acceptance bills totaled 111 million yuan. If you add a number of lawsuits involved in recent years, *ST Hairun is already on the verge of insolvency. * ST Hairun announced at the end of April that it involved 7 lawsuits (arbitration) cases involving a total of 1.103 billion yuan. Under the multiple pressures of debt and market, Hairun's share price fell below the face value of 1 yuan for the first time in February this year, and then fell to the limit on the 2nd. The stock price closed at 0.87 yuan on the 5th. It announced on the 6th that it was suspended due to major issues. At present, the market value of *ST Hairun is only 4.11 billion yuan. Twisting losses and difficulties lead to restructuring challenges Cao Yu, a partner of Daxinda Securities Energy Blockchain Lab, told reporters in the 21st century on the afternoon of May 23 that there are many reasons for Hairun to fall into the current debt and suspension of listing difficulties. Mainly due to the rapid expansion of debt, high financing costs, and the rapid changes in the policy market. In Cao Yu’s view, Hairun’s excessive pace of development in the early stage of development has brought risks. At the same time, the government's guidance on the guidance and subsidy policies of the photovoltaic industry is also an external cause that has caused the difficulties of enterprises to intensify. “In the past few years, the subsidy policy was very tempting. Enterprises have done components and centralized ground power plants; last year, they encouraged distributed, and as a result, the national PV companies were all clustered and distributed. Now, as the leader, enterprises must adjust their business quickly, otherwise they will Will not keep up with the rhythm and be eliminated by the market." Cao Yu said, "Enterprises must improve efficiency and reduce costs, and capacity expansion is the only way." But in order to expand production capacity, financing has led to high financial costs, and it is also the straw that crushes camels. . In order to maintain a competitive advantage, companies have to finance from non-bank channels before funds such as bank loans or fixed-income positions are in place. The 21st Century Business Herald reporter combed *ST Hairun Financial News and found that the financial expenses in 2014 were 510 million yuan, and the financial expenses in 2016 were as high as 647 million yuan. In the 2014 pre-loss announcement, Hairun also admitted that “because the company’s additional funds are in place late, it has incurred higher financing costs than before.†In the past five years, Hairun’s financial expenses totaled 2.477 billion yuan, financing costs. The height is eye-catching. "So, it is really very difficult for private enterprises to do business in China. It is very difficult to borrow money. It is even harder to borrow money." Cao Yu said with emotion. In order to protect the shell and realize the loss, *ST Hairun tried to slim down and even survive the arm last year. According to the financial report, as of the end of last year, about 30 subsidiaries were cancelled. The total number of employees has decreased from 4,874 to 3,027, of which the number of parent companies has decreased from 1,617 to 919, and the number of major subsidiaries has decreased from 3,257 to 2,108. Under the pressure of new delisting rules, *ST Hairun announced at the beginning of this year that the company is actively promoting the introduction of strategic investors to optimize the company's shareholding structure and provide favorable protection for the company's follow-up operations, but there are still major uncertainties. According to the announcement on April 4, the counterparty of *ST Hairun's major asset restructuring is other independent third parties. The transaction method may involve the sale of the underlying company's assets, equity, etc. The underlying assets may include the company's wholly-owned subsidiary Hefei Hairun Photovoltaic Technology. Ltd. (hereinafter referred to as "Hefei Hairun") 100% equity, as well as domestic and foreign related photovoltaic power plant project assets. According to public information, Hefei Hairun is a manufacturing company with solar cells and components as its main products. It was established on October 9, 2010 with a registered capital of 1 billion yuan, the largest of its subsidiaries. In addition, *ST Hairun also has a number of photovoltaic power plants, which is considered by the outside world to be an important asset for *ST Hairun to be sold in exchange for cash flow. An institutional person who participated in the bankruptcy case of Wuxi Suntech introduced to the 21st Century Business Herald reporter that according to relevant regulations, the decision to suspend listing is only a phased suspension of stock and bond transactions, which is different from “delistingâ€. The death stagnation will leave the company with a certain period of self-help. During this period, the restructuring of the company can continue.†Previously, there were rumors in the industry that the founder Yang Huaijin and the chairman of Trina Solar, Gao Jifan, and many other industry officials had a good personal relationship,* ST Hairun may have borrowed from the photovoltaic companies that have returned to A shares from overseas. According to public market information, on March 13, 2017, after delisting from the NYSE, Trina Solar has been preparing for returning to A. However, Trina Solar subsequently denied this backdoor rumor to many media. A new energy investment bank analyst of a foreign investment bank pointed out to the 21st Century Business Herald reporter that from the perspective of *ST Hairun's assets, the main business is still a midstream component and part of downstream assets. “Compared to assets such as upstream polysilicon with higher profit margins, it is not very attractive to investors. It is important to know that in the field of photovoltaic group prices, technology updates are very fast, and equipment will be upgraded in a few years.†The reporter predicts that the key to the success of this restructuring is the asset evaluation price and the strength of debt discount in the restructuring plan. The 21st Century Business Herald reporter called the *ST Hairun Board of Secrets on the afternoon of May 23, but no one answered until the evening. An unnamed *ST Hairun insider revealed to the 21st Century Business Herald reporter that “the company’s production is in a normal state. The company is also in contact with a number of third-party investors, and the restructuring plan is progressing step by step. "The timetable is definitely there, but I can't reveal too much now. I believe that the future is bright, but the road is tortuous. The bankruptcy law experts of the aforementioned institutions emphasized to the 21st Century Business Herald that the SSE’s requirements for the resumption of listing and backdoor are very strict. In the next six months, challenges will be faced in many aspects, such as operations and restructuring. "The time left for *ST Hairun, there are still more than half a year, I hope they can seize the time. In the announcement on the 22nd, *ST Hairun said that it is necessary to further optimize the asset structure, sort out inefficient assets and accounts receivable, and improve the company's economic efficiency. At the same time, the company also plans to adjust the industrial layout and debt structure to the photovoltaic power station. Assets are integrated; and actively negotiate and clarify that the restructuring party promotes restructuring, optimizes the company's shareholding structure and stop-loss profit, and strives for the company's stock to resume listing as soon as possible.
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