On August 4, the reporter learned from the industry and commerce information that Jingke Energy Co., Ltd. recently registered a number of new mortgage registration information. The mortgage holders involved the China Export-Import Bank Jiangxi Branch and the Bank of China Shangrao Branch. According to the disclosure of industrial and commercial information, Jinko Energy added a registration information for movable property mortgage on July 29, the registration number is No. 2018-0017 of Rao Kai City, and the registration authority is the Market and Quality Supervision Administration of Shangrao Economic and Technological Development Zone. The mortgagee is the Jiangxi Branch of the Export-Import Bank of China.
According to the information on the secured main creditor of the movable property mortgage disclosed in the industrial and commercial materials, the debtor’s performance of the debt is from the end of March to the end of September this year, and the type is a loan contract with an amount of RMB 1,245,437,100.
The movable property mortgage has more collateral, including solar cell laminator, subwoofer closed crossflow cooling tower, constant temperature and humidity testing machine, centrifuge and so on.
On the same day, Jingke Energy's industrial and commercial materials added another movable property mortgage information numbered No. 2018-0016 of Rao Kai City. The registration authority is the Shangrao Economic and Technological Development Zone Market and Quality Supervision Administration. The mortgagee is Bank of China Co., Ltd. Shangrao Branch.
According to the information on the secured main creditor of the movable property mortgage disclosed by the industrial and commercial materials, the debtor’s performance of the debt is from the end of July this year to the end of July next year. The type is a loan contract with an amount of 60 million yuan. The collateral includes a stringer, a chamfering machine, and the like.
Photovoltaic giant Jingke Energy is located in Shangrao, Jiangxi, and listed in the US. As of September 30, 2017, the production capacity of silicon ingots and wafers reached approximately 7.0 GW, the cell capacity reached approximately 4.5 GW, and the module capacity reached approximately 8.0 GW. The annual assembly shipments ranked first in the world.
In recent years, Jinko Energy has also joined the “capacity competition†in the photovoltaic industry. It has built double-increased projects in Zhejiang and Jiangxi, but it is reported that its double-increased project in Shangrao City, Jiangxi Province, seems to be progressing. Unsatisfactory, large-scale land is still in a state of being built; in the first quarter of this year, Jingke Energy's total revenue fell by about 21% year-on-year; net profit from continuing operations attributable to ordinary shareholders fell by about 94% year-on-year.
This time, Jingke Energy Mortgage Financing coincided with the rapid decline of the PV market.
At the end of May this year, the National Development and Reform Commission, the Ministry of Finance, and the National Energy Administration issued the "Notice on Issues Related to Photovoltaic Power Generation in the 2018 China Market", demanding a reasonable grasp of the pace of development and optimizing the scale of new construction of photovoltaic power generation, namely the "531 New Deal". It is called "the most stringent photovoltaic new policy in history." Since then, a number of PV companies have reported layoffs and work stoppages, and the difficulty of financing is even more serious. According to reports, some state-owned banks in Jiangsu and Zhejiang branch credit departments revealed that most banks in their cities have suspended the approval of photovoltaic lending business.
Under the sudden changes in the situation, the expansion of photovoltaic enterprises that have just begun to re-launch the capacity competition in the past few years has been blocked. They have supplemented the cash “blood†by selling assets and other means to reserve cash for the beginning of the market.
Take Longji shares as an example. On the evening of August 3, the company issued a share placement plan. The share placement is intended to be placed to all shareholders at a rate of no more than 3 shares for every 10 shares. The total amount of shares raised will not exceed 3.9 billion yuan.
Earlier in July of this year, Zhejiang listed company Zhengtai Electric announced that it had purchased 100% of the shares of 17 distributed photovoltaic project companies from 6 subsidiaries of Longji, involving a project capacity of 106.3MW and a total equity transaction transaction price of 703000139.1 yuan.
In June of this year, Longji’s main competitor, the 51% stake in Jiangsu Zhongneng Silicon Technology Development Co., Ltd., a subsidiary of the photovoltaic industry’s oldest brother, GCL Group, was acquired by Shanghai Electric, and the price did not exceed 12.75 billion yuan. However, the deal has failed on August 3.
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