Photovoltaic factory Jingao burst black swan event .
On the evening of November 8, Jingao Technology issued an announcement stating that the listed company learned from Jinglong Industrial Group Co., Ltd. that it received a notice from the Pingdu Municipal Supervision Commission that the company's actual controller Jin Baofang was investigated and detained by the Pingdu Municipal Supervision Commission in accordance with the "Supervision Law of the People's Republic of China".
Jingdao is a veteran photovoltaic enterprise. It was established in 2005. It is a manufacturer of high-performance photovoltaic products. Its industrial chain covers silicon wafers, batteries, modules and photovoltaic power stations. It was listed on the Nasdaq Stock Exchange in the United States. Under the wave of return of photovoltaic Chinese stocks, Jin Baofang pushed Jingao to return to A-shares, and successfully entered the domestic capital market through the restructuring of Tianye Tonglian in November 2019. Jin Baofang, who was involved in this case, has a net worth of up to 19 billion yuan with the continuous expansion of Jingao Technology. She is not only the richest man in Xingtai , but also one of the richest people in the photovoltaic industry.
Recently, a reporter from the Beijing News Shell Finance visited and investigated from Xingtai Ningjin County , where Jingao is located, and found that Jingao's production and operation are normal. "At present, everyone is stabilizing people's hearts." A Jinga employee told reporters that another employee said that the leader had confessed that he would not accept the interview, and "so many employees would not be affected by one person."
Jingao's suppliers also keep their attention to this black swan event. On November 12, Tongwei Co., Ltd. responded to the Beijing News reporter that it is currently conducting normal cooperation with Jingao Technology as agreed in the agreement. The reporter sent an interview application to the supplier of Jiajing Ao on November 10, but no reply was received yet.
Jingao Technology official response to the Beijing News reporter that its production and operation funds are guaranteed and the production inventory turnover is sufficient. The banks that the company cooperates with are continuing to increase their credit to the company.
November 10, Ningjin County Jingao Solar Energy factory entrance. Photo by Zhu Yueyi, reporter of Beijing News Shell Finance
Visit: Production and operation are normal. Employees said that the leader requires not to accept interviews. Ningjin County is a small county town located in central and southern Hebei with a population of more than 700,000. According to the name of Fangzhi County, it was set in the first year of Tianbao of Emperor Xuanzong of Tang Dynasty, which means "Serene Jinfu". Now, with the announcement of Jin Baofang's investigation, this place is becoming the center of attention of the outside world.
On November 9 and November 10, the reporter came to the Jinglong Group's location and Jingao Park several times. The information obtained from the factory gatekeepers, employees entering and leaving the employees and suppliers is that all production, operation and work are currently in normal operation.
Jinglong Group's landmark building - a main building with a curved exterior wall of 98 meters high is located in Jinglong Technology Center in the middle section of Jinglong Street. On the afternoon of November 9, on the first working day after the news of Jin Baofang's investigation was announced, personnel and vehicles entered and left the park in a steady stream. The security guard said that there was no abnormality in the company's work that day.
Geographically, there is an east-west street named "Jinglong Street". Jinglong Street is adjacent to Tianbao Street, the main road of the county town. A series of Jinglong and Jingao companies are distributed along the way, including a Jinglong Museum.
intersects with Jinglong Street, and is an east-west road Xinxing Road. On the west side of the road is the office building and park of Yufeng Group, another large private enterprise in Ningjin County. On the east side are several factories in Jinglong and the park of Jingao Solar Energy, the core enterprise of Jingao Technology. On November 10, the reporter passed by Jingao Solar Energy Park. The roar of machines in the park was heard from time to time. Construction was underway at the entrance of the park and the surrounding area. In a corner of the workshop, construction workers were welding the blue "JA SOLAR" to the white curtain wall. At the entrance of Jingao Solar Energy Park, before the reporter could inquire, a staff member made it clear that the leader had confessed that he would not accept all interviews.
reporter met an employee wearing a yellow work clothes on the gray background of Jinglong at the entrance of Jinglong Factory No. 1. The employee said that Jin Baofang had visited this park many times in the past. As for the news that Jin Baofang was investigated, "all employees knew that internal communications about this matter have been issued."
A Jinga employee told reporters that everyone is currently stabilizing people's hearts, and their work is still relatively normal, and no abnormalities are seen.
Jingao Technology responded to reporters on November 10 that the production and operation order of the company and its subsidiaries is normal and all businesses are progressing steadily.
On the morning of November 9, Jingao Technology announced that on November 8, four senior executives of the company had held a communication meeting with several securities companies regarding the investigation of Jin Baofang. After internal investigation, the listed company did not have any financial fraud, major shareholders' funds occupied, and infringement of the interests of listed companies, etc., which harmed the interests of listed companies.
Jin Ao Technology said that by the end of November, it was the whole year for Jin Ao to return to A-shares. Although Jin Baofang was investigated for this emergency was a major event, "but the company's executive team will definitely work together to lead the company's 23,000 employees to actively respond to the current emergency and maintain the company's stable operation."
reporter contacted Jingao Technology and Jinglong Group, but no more information was obtained yet. Jinglong Group stated that it will not accept interviews for the time being, and the information shall be subject to official disclosure.
suppliers closely monitor
Faced with the sudden black swan event, JingO's suppliers "paid closely monitor".
A Jin Ao supplier told reporters (when I first saw this news), "We have been paying close attention to this matter recently, but we have not learned more information except (announced). We have also asked Jin Ao people, but there is no more information, and they don't know the specific situation."
"After all, it is a large photovoltaic factory. We have been working with them for many years, and the overall collection of funds is normal. I hope Jin Ao is fine."
During the reporter's visit, a supplier who claimed to have worked with Jingao for nearly ten years told the reporter who had not identified his identity that when he entered the Jingao park, he saw that the internal construction was normal. The supplier said that its company and JAA are still working normally, and JAA’s payment period is normal and there has been no default on payments.
As for the investigation of Jin Baofang, the supplier said that his biggest concern was that Jin Baofang's assets and equity would be frozen or affected by the company in the future. The supplier quoted the case of Hairun Photovoltaic, saying that it believes that if Jinko Ao is ruled to go bankrupt in the worst case, it will be difficult for the supplier to get the due payment because the company will give priority to employees' wages. According to its understanding, most of Jinko Ao are old employees who have worked for many years, and if they do not make financial compensation in accordance with regulations, they may face high claims.
A Jinga employee emphasized to reporters many times, "How to do it or how to do it, how to perform the contract or how to perform it."
What are the important suppliers of Jingao? According to statistics from public information, the reporter found that it involved many listed companies such as Tongwei Co., Ltd. and TBE Electrician .
Teben Electrician (600089.SH) announced in September that its controlling subsidiary Xinte Energy Co., Ltd. and Jingao Technology wholly-owned subsidiary Donghai Jingao Solar Technology Co., Ltd. signed a "Strategic Cooperation Sales Agreement". Donghai Jingao Solar Technology Co., Ltd. and other companies under its affiliated group companies (hereinafter collectively referred to as Donghai Jingao Company) will purchase 97,200 tons of native polycrystalline silicon from Xinte Energy Co., Ltd. and its subsidiaries (hereinafter collectively referred to as Xinte Energy Co., Ltd.) from October 2020 to December 2025.
In addition, Tongxiang Technology (839167.OC)'s 2020 semi-annual report shows that its accounts receivable for Jingao Solar Energy Co., Ltd. and its subsidiaries have an end-of-period balance of accounts receivable of and its subsidiaries is 38.16 million yuan, and its bad debt reserves are 1.9 million yuan at the end of the period. According to the 2019 annual report of Haiyou New Materials (Delisted) (831697.OC), it jointly established Xingtai Jinglong Photovoltaic Materials Co., Ltd. with Jingao Solar Energy Co., Ltd., with a 35.01% stake.
CITIC Bo (688408.SH) released a prospectus in August, showing that it participated in the Yugan 250MWp project, the leader in Shangrao photovoltaic power generation technology of Yugan County Jingguan Solar Power Generation Co., Ltd., and the project owner is Jingao Solar Power Co., Ltd., with a contract tax amount of RMB 34.8 million. Qitian Co., Ltd. (839203.OC)'s 2020 semi-annual report disclosed that its book balance of accounts receivable to Jingao Solar Energy Co., Ltd. was 3.92 million yuan, accounting for 14.31% of the balance of accounts receivable.
Gaotei Co., Ltd. (688556.SH) released a prospectus in July. It has established a long-term and stable cooperative relationship with leading companies in the photovoltaic industry such as Jingao Group, and major customers such as Jingao Solar have successively launched single crystal capacity expansion plans since the end of the first quarter, resulting in a significant increase in the order amount of its photovoltaic cutting equipment products.
reporter sent an interview application to the above-mentioned companies on November 10, hoping to find out whether the matters under investigation of Jin Baofang will have an impact on the order fulfillment and business transactions between the company and Jin Ao, and no reply has been received yet.
photovoltaic leader Tongwei Co., Ltd. is also an important supplier of JingO. According to the announcement of Jingao Technology, in the first half of 2019, Tongwei Co., Ltd. was one of the top five suppliers of Jingao Solar Co., Ltd., a subsidiary of Jingao Technology. Jingao Solar purchased Tongwei Co., Ltd. from Tongwei Co., Ltd. for .
On November 12, Tongwei Co., Ltd. replied to the reporter of Beike Finance that the company is currently carrying out normal cooperation with Jingao Technology as agreed in the agreement.
In addition, JAO's important suppliers also include well-known photovoltaic companies GCL Group, Aixu Co., Ltd., Foster, etc. The reporter also sent an interview email to the above-mentioned companies, but no reply was received yet.
Jingao Technology responded to the Beijing News Beike Finance reporter on November 10 that the company is also continuing to pay attention to the subsequent progress of the matter and fulfills its information disclosure obligations in a timely manner in accordance with relevant regulations.
soul figure was investigated. Who will take charge of the photovoltaic empire
In the announcement of Jingao Technology, its management stability was repeatedly emphasized.
On November 9, Jingao Technology reiterated the stability of the company's operations and stated that the current division of labor has not changed. Niu Xinwei is mainly responsible for the company's daily operations, Huang Xinming is responsible for the company's sales, Li Shaohui is responsible for the financial part, Tao Ran and Jin Junmiao are in charge of their respective businesses and perform their duties normally.
Jin Ao Technology responded to reporters on November 10 that the company's daily operations and management are the company's executive team, and this matter will not have a significant impact on the company's daily production and operation activities.
Jin Baofang is currently the actual controller of Jingao Technology. Jingao Technology's largest shareholder is Ningjin County Jingtaifu Technology Co., Ltd., which holds 59.29% of the shares, and Jin Baofang holds 95% of the company's equity. In addition, he also serves as chairman and general manager.
JIAO Technology's current management team has been formed for a long time. Among the six non-independent directors on the board of directors, except for Chairman Jin Baofang, the non-independent director Tao Ran is Jin Baofang's son-in-law and has worked in Jingao for many years. Another non-independent director Sun Lihong is a senior employee of Jinglong, and the other three non-independent directors He Zhiping, Niu Xinwei and Cao Yangfeng are all professional managers.
When facing reporters, a Jinko Ao employee believed that listed companies are all formal operations and decisions are made by professional managers. The chairman is not responsible for specific business, and "so many employees will not be affected by one person."
In fact, before the investigation, although Jin Baofang was nearly 70 years old, it was due to the long-term high-level humanized management of professional managers. The issue of Jin Ao's successor did not attract too much attention from the outside world.
Jin Baofang once mentioned at the 2017 Entrepreneurs' Forum on Conscience that he is over retirement age, but he has been busy all year round for the development of the company. "My family once advised me to take a good rest and enjoy the joy of family. My friends also said that I have achieved success and fame, and it is time to 'retire'. At this critical moment, I have hesitated, confused, and confused. Leading a company with 30,000 people does indeed put the burden, weight and responsibility on my shoulders on my shoulders, which are heavy all day long."
In Cuiguanzhuang Village, Jin Baofang’s hometown, a villager told reporters that Jin Baofang has two daughters, Jin Junmiao and Jin Junhui, and they are currently working in the group enterprise. Shell Finance reported last year that one day before Jingao released its restructuring plan with Tianye Tonglian , Jin Baofang's daughter Jin Junmiao "raided" to invest in Jingao Solar, with a shareholding ratio of 0.33%.
Another media report shows that Jin Baofang's daughter Jin Junhui is currently serving in the Hebei Provincial Government. The reporter found out that there was a director of Jin Junhui in the Party Building Inspection Office of the Provincial Working Committee of the Hebei Provincial Party Committee and the Provincial Working Committee, and it is not possible to determine whether Jin Baofang's daughter is the same person.Will the high-speed expansion momentum of
change? Before the actual controller of
was investigated, Jinko Ao, the large photovoltaic factory, was driving on the road to high-speed expansion.
2020 third quarter report shows that JAO Technology achieved operating income of 16.695 billion yuan in the first three quarters of this year, a year-on-year increase of 23.51%; net profit attributable to shareholders was 1.291 billion yuan, a year-on-year increase of 85.29%.
Since the beginning of this year, leading photovoltaic companies have accelerated their production expansion, and JingO is no exception.
htmlOn February 18, Jingao Technology issued several announcements to announce investment plans totaling more than 11 billion yuan, including a planned investment of 10.2 billion yuan to build Yiwu's annual production of 10GW high-efficiency batteries and 10GW high-efficiency components and supporting projects, as well as a technical transformation of the subsidiary workshop with a planned investment of 1.13 billion yuan.8, Jingao Technology announced that it signed the "Jingao Solar Energy Co., Ltd.'s Qujing Phase II Qujing 20GW Single Crystal Pull Rod and Slicing Project Investment Framework Agreement" with the Qujing Municipal People's Government and the Qujing Economic and Technological Development Zone Management Committee, and reached a cooperation intention on Jingao Solar's construction of 20GW single crystal pulling rod and slicing project in the Qujing Economic and Technological Development Zone. According to reports, Jingao Solar plans to invest about 5.8 billion yuan in the above-mentioned project, and the project is located in the Nanhaizi Industrial Zone of Qujing Economic and Technological Development Zone, with a project land of about 700 acres.
htmlIn September, JAO Technology announced its production expansion plan again, intending to invest 10.4 billion yuan to expand the integrated production capacity of silicon wafers, batteries and modules. Investment and construction projects include an annual output of 20GW crystal pulling and slicing projects, an annual output of 6GW high-efficiency solar cell project, etc.continues to expand production, while Jingao Technology's debt scale is also expanding production.
's third quarter report shows that JAO Technology had 37.347 billion yuan as of the end of the period, and its total liabilities were 22.764 billion yuan. At the same time, JAO Technology is also actively raising funds.
In April this year, JAO Technology launched a private placement plan, intending to raise 5.2 billion yuan, of which 3.7 billion yuan will be invested in annual production of 5GW high-efficiency batteries and 10GW high-efficiency components and supporting projects, and the other 1.5 billion yuan will be used to supplement working capital.
Jingdao Technology stated in the issuance plan that this issuance is conducive to steadily promoting capacity expansion, enhancing core competitiveness, consolidating the industry's dominant position, and is conducive to optimizing the asset-liability structure, reducing financial costs, and alleviating the company's working capital pressure.
Jin Ao Technology said that the company has supplemented working capital by taking measures such as accelerating capital turnover and obtaining loan financing from banks, resulting in an objective situation of high debt-to-asset ratio and financial expenses, which has become one of the important factors restricting the company's further development.
Jingdao Technology's above issuance plan was approved by the China Securities Regulatory Commission in August, and the new stocks were listed on the Shenzhen Stock Exchange on October 30.
Jingda Technology's third quarter report shows that benefiting from the increase in cash inflow of private placement of stocks, its cash funds as of the end of the third quarter were 10.21 billion yuan, an increase of 78.45% from the end of 2019.
In an interview with a reporter from Beijing News Beike Finance, Jingao Technology stated that at the end of the third quarter, the company's total cash balance was 10.2 billion yuan and inventory was 4.9 billion yuan. The funds for production and operation were guaranteed, and the inventory turnover of production was sufficient. The banks that the company cooperates with are continuously increasing their credit to the company, and the cooperative banks have been partners for many years and have established long-term trust cooperation. The company's orders were full in the fourth quarter and its profits were guaranteed.
Beijing News Shell Finance Reporter Zhu Yueyi Zhao Yibo Editor Zhao Ze Proofreader Li Shihui
