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On November 22, Xintian Green Energy announced an announcement "Acquiring distributed photovoltaic power generation project in related transactions". The announcement stated that Xintian Power, a wholly-owned subsidiary of the company, entered into an asset transfer agreement with Jiantou Guorong, and the company and Jiantou Guorong entered into an equity transfer agreement. According to this, the Group acquired the target project assets and target equity from Jiantou Guorong. The Group paid a total cash consideration of RMB 35.58 million to Jiantou Guorong for the acquisition, including an asset transfer consideration of approximately RMB 15.04 million and a target equity transfer consideration of approximately RMB 20.54 million. After the acquisition is completed, the target project assets will be merged into the consolidated asset statement of the Company, and Jianrong Photovoltaic will become a non-wholo-owned subsidiary of the Company.
By reading the full text of the announcement, I found that the main meaning of the announcement is as follows: Xintian Power, a wholly-owned subsidiary of Xintian Green Energy, entered into an asset transfer agreement with Jiantou Guorong, and Xintian Green Energy and Jiantou Guorong entered into an equity transfer agreement. Xintian Green Energy acquired the assets and liabilities related to the Hengshui project and the Cangzhou project and 90% of the equity of Jianrong Photovoltaic from Jianguoguorong, with a total cash consideration of approximately RMB 35.58 million. After the acquisition is completed, the target project assets will be merged into the consolidated asset balance sheet of Xintian Green Energy, and Jianrong Photovoltaic will become its non-whole-owned subsidiary.
This transaction involves four distributed photovoltaic power generation projects, totaling 16.19MW.
Among them, the total installed capacity of Hengshui project is 2.13MW, the total installed capacity of Cangzhou project is 1.21MW, the total installed capacity of Baoshuo project, mainly invested in Jianrong Photovoltaic, is 3.03MW, and the total installed capacity of Longde project is 9.82MW.
In fact, from the official introduction of Xintian Green Energy, we can learn that Xintian Green Energy was established on February 9, 2010 and was successfully listed on the main board of the Hong Kong Stock Exchange on October 13 of the same year. It has two major business segments: wind power business and natural gas business. Moreover, the two major business sectors have achieved good results.
learned from its official website that as of December 31, 2018, its wind power holding total installed capacity was 3,858.15 MW , and the equity installed capacity was 3,482.75 MW. It also has 6 long-term natural gas transmission pipelines, 14 high-pressure branch pipelines, 30 urban gas projects, 19 branch transportation stations, 11 door stations, 7 CNG filling stations, and 7 CNG mother stations. In 2018, its natural gas sales reached 2.631 billion cubic meters.
So since wind power business and natural gas are its two major sectors, why did it acquire distributed photovoltaic projects at this time? The reason explained in the announcement is: Considering that the distributed photovoltaic business has certain development prospects, in order to further improve the company's photovoltaic business scale, and the expected future returns of the four distributed photovoltaic power generation projects involved in the acquisition are good, the company believes that the acquisition can create a good foundation for the company to expand the distributed photovoltaic power generation project business.
Of course, this is not the first time that Xintian Green Energy has involved in a photovoltaic project. Information shows that as of the end of 2018, Xintian Green Energy has operated a total of 101 megawatt photovoltaic power generation projects.
By checking the relevant information, we can find that there is not a lot of relevant information about Xintian Green Energy, especially its pursuit of listing in "A+H" places, which has made it the focus of many people's attention. The whole process is also full of twists and turns:
On November 2, 2018, Xintian Green Energy released a prospectus for issuing A-share stocks, intending to achieve listing in "A+H" places;
20192 On the 15th of this month, Xintian Green Energy was issued a notice of suspension of review by the China Securities Regulatory Commission;
On March 15, 2019, the China Securities Regulatory Commission issued a notice of restoration review to Xintian Green Energy, agreeing to resume review of the company's A-share issuance;
On April 15, 2019, Xintian Green Energy submitted an initial public offering prospectus (draft) to the China Securities Regulatory Commission, announcing its sprint for the A-share IPO.
Of course, all parties are following it. Some are optimistic, and some are still worried and doubtful. The focus of both views is the performance of its two major business segments. Optimists believe that "the main business is outstanding and profitable" is strong, and on the contrary, they are worried that its "new installed capacity or 'watered' market share is suspected of false statements."
Of course, any company may face a positive and negative attitude - optimism and dissatisfaction.It is still unknown what impact the announcement of Xintian Green Energy will have on the market for the time being. Perhaps there will be a relative answer in the new week.
As for when the listing of "A+H" will be realized, we have to wait for the answer!
Sobi Photovoltaic Network (solarbe.com) Editor: Han Zhe
Disclaimer: The above content is reprinted from Sobi Photovoltaic Network, and the content posted does not represent the position of this platform.
National Energy Information Platform Contact number: 010-65367268, Email: hz@people-energy.com.cn, Address: People's Daily, No. 2, Jintai West Road, Chaoyang District, Beijing
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